Sponsored content from social media influencers is getting more expensive, with video content commanding the highest price.
In fact, the rising costs are listed as one of the top marketing challenges when it comes to working with influencers.
A new report from eMarketer reveals that even nano-influencers, defined as having between 500 and 5,000 followers, make an average of $315 per YouTube video.
The price of sponsored video content goes up, of course, for influencers with larger followings.
People with followings between 30,000 and 500,000, called “power” influencers, make an average of $782 per video.
Data shows that brands pay well for video content on Instagram, too. Nano-influencers make an average of $114 per video post, $100 for an image post, and $43 for a story.
Power influencers make an average of $775 for an Instagram video, $507 for an image post, and $210 for a story.
Anyone with over 500,000 followers is considered a “celebrity,” and make thousands of dollars for almost any type of post.
In response to the rising costs, marketers are turning toward working with micro-influencers.
The small but dedicated followings of micro-influencers make it more cost-effective to work with them compared to working with top-tier talent.
The declining engagement of sponsored posts may have something to do with it as well.
Marketers have a growing interest in paying for sponsored Instagram stories, which cost less than all other types of sponsored content.
Another channel marketers are exploring is podcasts. Due to the performance and value of host-read ads, podcasts are said to be the next frontier of influencer marketing.
According to another report from eMarketer, it’s predicted that marketers will spend $1 billion on podcast advertising in the next few years.
It sounds like micro-influencers and podcasters will benefit most from this shift in spending.
For bigger influencers, that means, in addition to organic reach going down, the number of sponsored content opportunities may be going down as well.