US Marketers will spend $8.14 million in social media-sponsored content, up 16.0% year over year, according to a March 2023 forecast by EMarketer.
Although spending will increase to $9.29 billion next year, growth is moderating as marketers focus more carefully on well-known creators with whom they can form long-term relationships.
“Brands are increasingly opting for recurring, ‘always-on’ partnerships with trusted creators rather than one-off campaigns,” stated EMarketer.
However, the relationships created are generally more significant, and the goal is to expand beyond social media to other mediums such as television.
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Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon