Globally, the influencer marketing industry is projected to reach $21.2 billion by 2023, with a 29% annual growth rate
Out of India’s 8 crore influencers, only a mere 150,000 can generate any revenue, representing a mere 0.19% of the influencer population
Micro-influencers have significantly reshaped the travel industry dynamics in India, and several key factors contribute to their influence in this sector. Currently, India boasts a staggering 8 crore influencers and content creators, categorized into four groups: nano influencers (1,000 to 10,000 followers), micro-influencers (10,000 to 100,000 followers), macro-influencers (100,000 to 1,000,000 followers), and mega influencers. Globally, the influencer marketing industry is projected to reach $21.2 billion by 2023, with a 29% annual growth rate. India’s share of this market is forecasted to be $146 million in 2023, comprising only 0.9% of the global influencer marketing spending.
Remarkably, “India is poised to become the largest content creator hub by the end of 2023, with over 100 million content creators, surpassing 10 crores. Within this landscape, travel influencers and lifestyle influencers hold a significant presence both in India and globally. Notably, the majority of influencers fall within the nano influencer category, with aspirations to become micro-influencers. This presents a substantial untapped market opportunity,” says Saurav Chakraborty, Founder and CEO, Travel Buddy.
The correlation between India’s substantial content creator base and its relatively low share of influencer marketing spending is evident. “Simultaneously, the travel industry in India is experiencing remarkable growth, with a 167% increase in foreign tourist arrivals in 2023 compared to the previous year, and a 155% growth in domestic travel during the same period. This trend suggests that more individuals are pursuing their passions and earning through influencer marketing, indicating a sustained influencer revolution,” adds Chakraborty.
Projections indicate that India’s influencer marketing industry will reach $292 million by 2025. Chakraborty opines, “Consequently, nano influencers aspiring to become micro-influencers, and micro-influencers aspiring to become macro influencers, will play pivotal roles in propelling the influencer marketing industry forward in India.”
“At Travel Buddy, a social travel network and influencer-led experiences marketplace, we empower influencers not only to gain reel and social views but also to monetize their passion via authentic Travel Experiences. Out of India’s 8 crore influencers, only a mere 150,000 can generate any revenue, representing a mere 0.19% of the influencer population. Therefore, platforms like Travel Buddy, focusing on enabling influencers to earn a secondary income beyond views and reels, play a crucial role in this evolving landscape,” signs off Chakraborty.
