Annual Research Report 2023-24 1

TABLE OF
CONTENTS

01
06
Foreword Trendscape:
Trends in Modern
Influencer

02
Marketing
Research
Methodology
The Influence

03 07
Equation:
Synopsis Understanding
the Psychology
of Influence

04 Introduction
Indian Creator

08
Ecosystem: A
Breakdown of
Categories and

05
The State of the
Indian Influencer Platforms
Marketing
Industry
Creatorscape:

09
Content,
Community,
Connection

2 Annual Research Report 2023-24

 10
Brandscape:
Influence,
Integration,
14 The Future of
Influence

Impact

15 Conclusion

11
Challenges
and Risks in

16
Influencer
Marketing Appendix

12 17
The Tech
Renaissance in Glossary
the Influencer
Space

In the Think Tank:

13
Expert Insights
and Musings
from Top Indian
Brand Marketers

Annual Research Report 2023-24 3

Foreword
I
n recent years, the influencer marketing with its momentum further catalysed by the
industry has matured into a global billion- seismic impact of the pandemic on digital
dollar market. Brands increasingly recognise adoption. As per TRAI in 2023, India has a
influencer partnerships as an integral substantial user base of over 850 million
component of their marketing mix, propelling internet subscribers. Additionally, recent
its rapid expansion. The core strength lies studies reveal that Indians spend an average
in the trust creators build. When brands of 195 minutes on social media every day;
collaborate with influencers, they strategically and the projected surge in smartphone
leverage this trust, deviating from traditional users is expected to reach 1 billion by 2026.
sales approaches—particularly in an online Against this dynamic backdrop, the Indian
environment where ad-fatigued consumers landscape presents a compelling stage
allocate a substantial portion of their time. for influencer engagement, where the
confluence of heightened user interaction
The trajectory of influencer marketing in India and transformative technology provides an
has undergone a transformation, transitioning optimal canvas for brands to convey their
from conventional marketing approaches desired narratives.
to a more targeted and diversified strategy.
The initial heavy reliance on celebrity Needless to say, embracing the creator
endorsements through traditional media economy’s potential and adapting to
channels such as television, radio, and emerging trends are pivotal for brand success.
newspapers has given way to a strategic Within these pages, you’ll find insightful
emphasis on the “5 Ws” – a deliberate analyses, trend projections, and strategic
focus on addressing when, where, and who considerations aimed at equipping industry
comprises the specific target audience. professionals, be they brands or content
creators, to navigate the intricate landscape
For brands, the challenge of customer of influencer marketing. Drawing from the
retention looms large, with digital brands perspectives of over 1000 content creators,
struggling to maintain retention rates above brands, and industry experts, the report
5%, signalling a critical juncture in the ever- delivers a nuanced analysis of the evolving
competitive market. Yet, in the heart of this convergence of technology, creativity, and
challenge lies an unparalleled opportunity: strategic insights that define India’s vibrant
Influencer Marketing. Emerging from its influencer marketing landscape.
sunrise phase and rapidly moving into the
mainstream, the influencer marketing industry
has been powerfully propelled by the internet,

Annual Research Report 2023-24 5

 Words By

“The evolution of India’s influencer marketing industry has been

transformative from its nascent stages, facing scepticism akin
to global trends. Yet, with the rapid expansion of the digital
landscape, opportunities for influencers and brands have
surged. At the industry’s core, the synergy of technology,
automation, and artificial intelligence (AI) has acted as powerful
macro tailwinds propelling the sector forward. As the rules
change, a focused approach on leveraging these
advancements becomes crucial for strategic
advantage.

Looking ahead, the future of the industry holds

immense promise. As influencer marketing
solidifies its position in the modern marketing
mix, the growth potential is infinite for brands
and creators. Our mission with this report
was not just to analyse the trends and
numbers, but to decipher and interpret its
nuances, transforming raw numbers into
actionable intelligence. We are clearing the
path for the readers to leap ahead of the
curve.”

Ritesh Ujjwal
Co-Founder at Kofluence

6 Annual Research Report 2023-24

Co-founders

“The advent of influencer marketing has significantly

transformed the landscape of creator monetisation, ushering
in new and dynamic opportunities for content creators
across various platforms. Kofluence is born from a vision
to democratise influence, and it’s a vision that fuels every
aspect of our platform. We believe in the power of creators,
in their ability to shape trends, and in the transformative
potential of influencer marketing.

The rising interest in monetising creators signals not just

a trend but a fundamental shift. As influencer marketing
cements its role in the modern marketing mix, I envision a
future where standardised metrics and regulatory guidelines
strengthen, ensuring transparency and efficiency. In this
2024 edition of the Influencer Marketing Report, we
delve deep into the transformative shifts the
industry has overgone, providing a nuanced,
360-degree view for everyone alike.”

Sreeram Reddy V.
CEO and Co-Founder at Kofluence

Annual Research Report 2023-24 7

 Research
Methodology
Data Collection Overview

The research methodology is thoughtfully

designed, incorporating both primary and
secondary data sources.

1. Secondary Research

To establish a comprehensive understanding of the

influencer marketing landscape, an extensive review
of secondary sources was conducted. This involved
examining existing literature, industry reports, and
relevant studies to gain insights into historical trends,
industry benchmarks, and best practices. Secondary
research serves as a foundational framework, providing
context for the primary data collection process.

2. Primary Research

We leveraged advanced statistical models and

analytics, fuelled by data from our extensive
Kofluence repository with over 2 million content
creators. The data acquisition process prioritised
ethical considerations, ensuring user privacy,
obtaining necessary permissions and adhering to
legal and ethical standards set by the data providers.
In conjunction, surveys and interviews played crucial
roles as integral components of the primary research
methodology.

a. Survey Design
Two distinct surveys were meticulously designed—
one for content creators and another for brand
managers and industry professionals. The survey
instruments were crafted to capture a diverse range
of perspectives on influencer marketing practices,
challenges, and trends.

8 Annual Research Report 2023-24

 b. Participant Recruitment
Primary data was gathered through targeted surveys
distributed to a broad audience. Over 1000 content
creators representing various niches, were invited
to participate, ensuring a diverse and representative
sample. Additionally, brand managers and industry
professionals were included to provide insights into
the brand perspective.

c. Survey Content
The surveys extensively explored various aspects of
influencer marketing, covering topics such as content
creation preferences, platform usage, decision-
making processes, challenges faced by creators and
brands, and broader industry trends.

3. Data Analysis

Quantitative data collected through surveys

underwent rigorous analysis to derive meaningful
insights. Statistical methods were employed to
interpret survey responses, allowing for a nuanced
understanding of trends, patterns, and correlations
within the influencer marketing landscape.

4. Cross-validation

To enhance the reliability and credibility of our

findings, cross-validation techniques were employed.
Insights from primary survey data were compared
and validated against information obtained through
secondary research, ensuring consistency and
accuracy.

Annual Research Report 2023-24 9

 Sampling
Methodology
The research methodology for this study utilised a stratified sampling approach,
ensuring a thorough and representative sample of key stakeholders, including
content creators and brand marketers within the Indian digital space.

Creator Category-wise Distribution: Creator Genre-wise Representation:

Notably, 42% of participants that belonged Respondents were grouped by content

to the content creator category had up creation genres, showing a diverse
to 10k followers, indicating a significant range of interests. Lifestyle creators
presence in the nano and micro-influencer were the largest group at 20%, followed
category. Following closely, 35% fell by fashion/beauty at 18%. Music/dance
within the 10k to 100k range, signifying a enthusiasts contributed 8%, while food
substantial representation in the mid-tier and travel each represented 9%. Niche
influencer segment. Another noteworthy genres like health/fitness, parenting,
segment included 20% with a substantial education/infotainment, business,
following of 100k to 500k, demonstrating and tech/gadgets had specialised
a diverse set of influencers with varied representation ranging from 4% to 7%.
reach. A smaller but distinct group of 2% An additional 10% fell under the “Others”
boasted an impressive following of 1 million category, showcasing a variety of unique
or more, showcasing the elite tier and miscellaneous content creation
of influencers. interests.
Education and Infotainment
1 M+ 4.8%
0.8% 10k - 100k Tech and
Parenting Gadgets
34.7%
5.2% 4.1%
500k - 1M Health and
Upto 10k Fitness Business
2.3%
42.1% 7% 3.9%
Music and
Dance
100k - 500k Lifestyle
8.2%
20.2% 20.3%
Travel
9% Fashion and
Food Beauty
9.4% 17.8%
Others
10.3%

10 Annual Research Report 2023-24

 Creator Region-wise Diversity:

The regional analysis aimed for inclusivity, capturing insights from various states in India.
Major contributors were Maharashtra (15.5%), Uttar Pradesh (13.9%), and Delhi (9.8%),
collectively comprising nearly 39% of the total participants. Significant contributions also
came from Gujarat (7.2%), Madhya Pradesh (6.5%), and Rajasthan (7.2%). While states such
as Himachal Pradesh, Meghalaya, Sikkim, and Tripura showed more modest participation
rates, the overall distribution highlighted the survey’s nationwide reach.

2.2%

6.5%
0.9%
13.9%

15.5%

|
0.6%
6.9%
1.5%

1.3%

0.1%
2.9%

Jammu and Kashmir

5.8%
1.5%
7.2%

|
|

4.3%
0.3%

7.2%
2.4%
|

Madhya Pradesh
0.6%
1.2%
0.1%

1.3%
Andhra Pradesh

|
|
|

4.6%

9.8%
|
Uttar Pradesh

|
|

|
Chhattisgarh
|
West Bengal
Uttarakhand

Maharashtra
Tamil Nadu

|
Meghalaya

Jharkhand
Telangana

Karnataka
|

|
|
Rajasthan

|
|

|
Haryana
|

|
Gujarat
Tripura

Odisha
Punjab

Assam
Sikkim

Kerala
Bihar

Delhi

Annual Research Report 2023-24 11

 Brand Marketers’ Location-wise Brand Marketers’ Sector-wise Presence:
Presence:
Simultaneously, the sector-wise
For brand marketers, the location- split demonstrated a well-balanced
based split showcased a diverse representation, showcasing
distribution across India. The majority, diversity across various industries.
comprising 43.6%, had their brands The Banking, Financial Services
headquartered in the Southern and Insurance (BFSI), Food and
region, with significant representation Beverage (F&B), Gaming, Home and
from the North (25.6%) and West Wellness (H&W), and Retail sectors
(20.5%). Meanwhile, the Central and each contributed 10% of the total
East regions each contributed 5.1%, respondents. The Auto sector and
emphasising a broad geographical Fashion and Beauty sector followed
reach. closely, both accounting for 10% and
5%, respectively. This dual analysis
provided a comprehensive view of
South the industries and regions shaping
43.6% the digital landscape.

FMCG
2.6%
North Travel
25.6% West 2.6%
20.5% F&B Health and
15.4% Fitness
East Central
5.1% 5.1% 2.6%

Fashion and
Beauty
BFSI
5.1%
15.4%
Other
7.7%

ECOM
7.7%

H&W
Retail
10.3%
10.3%

Gaming
Auto
10.3%
10.3%

12 Annual Research Report 2023-24

Synopsis
Influencer marketing is undergoing a
transformative evolution, transcending
mere traditional endorsements to become
a powerful catalyst for authentic brand
connections.

The essence of influencer marketing, rooted The enduring appeal lies in its capacity to
in brands delivering experiences through facilitate genuine connections between brands
relatable creators, has not only persisted but and audiences, echoing the age-old truth that
flourished in the face of a rapidly expanding people want to buy from people.
creator and advertiser community. As
social media platforms mature, the call for Systematically mapping the landscape of
content monetisation has sparked a positive influencer marketing within the creator
transformation. This shift has given rise to self- economy in India, we employ a comprehensive
serve partnership ad programs on platforms approach, extracting insights from a diverse
like TikTok, YouTube, and Meta, providing spectrum that includes content creators,
brands with powerful tools to seamlessly market experts, and top brands across 30
integrate with authentic creator content. sectors.

Key Highlights

2.5-3.5 million creators 110-170K YouTube content

make up the Indian Creator Economy, with a substantial creators
majority on Instagram, followed by YouTube. are actively monetising their content, out of a vast
community of 350-600K creators, underscoring the
platform’s significant monetisation opportunities
for content creators.

Annual Research Report 2023-24 13

INR 500 to 5K per Instagram Geographically,

reel North India emerges as the

for nano-influencers and over INR 2 lakhs and more for dominant hub
mega/celeb creators: India’s Instagram influencers exhibit
for content creation, housing 37% of creators. Central India
a wide range of earnings, reflecting the diversity in the
follows with a substantial 23%. The East, The West, and
influencer ecosystem and the potential for high earnings
The South regions follow in succession.
among top-tier creators.

Up to INR 7K Instagram takes the lead

per YouTube Shorts for creators with average views of with 47% platform adoption
1k to 10K and over INR 3 lakhs and more for mega/celeb for influencer marketing spends by top Indian brands,
creators: YouTube creators in India demonstrate varied followed by YouTube, X, Facebook, and LinkedIn
earning potentials, depending on viewership metrics. respectively. This preference delineates where brands
allocate their marketing resources for optimal impact in
influencer marketing campaigns.

With 60-70% male and 30-40%

female
creators, Instagram exhibits a balanced yet slightly skewed E-commerce leads in influencer
gender distribution. In contrast, YouTube shows 50-60%
male and 40-50% female creators. marketing spending with 27%,
followed by FMCG at 20%, highlighting a strategic
emphasis on influencer collaborations within these sectors
to drive brand visibility and consumer engagement.

Instagram creators aged between

18 to 25 make up over 49% of

the demographic, 72% of brand marketers and
followed closely by 42% in the 26 to 35 age bracket,
reflecting a youthful dominance in content creation,
over 56% of content creators
significantly influencing content trends and preferences. support advertising guidelines, mandating creators to
disclose all material connections.

14 Annual Research Report 2023-24

Brand reputation and long- Short-form videos lead
term partnerships with 30% preference
are pivotal, influencing over 40% of creators when deciding among creators, while GIFs and memes and audio formats
on brand collaboration opportunities. are least preferred.

50% of brand marketers focus Instagram and YouTube

on authenticity and social take the lead as the go-to social media platforms for 75% of
brand marketers seeking effective influencer engagement.
proof
as the two main reasons to choose influencer marketing.

Micro and Macro-influencers

Growing an audience and excel at collaborative comfort, with a total of 70% of brands
preferring them over other creator categories.
finding time to create content
are the major hurdles for almost 50% of content creators.

Over 70% of creators

actively opt for influencer marketing platforms/agencies
Lack of price standardisation to explore and secure brand collaborations.
difficulties in ROI measurement and influencer discovery
are identified as key challenges in influencer marketing
by over 64% of brand marketers.

Agency partners and platforms

are the preferred method of campaign execution for over
67% of brand marketers.

Annual Research Report 2023-24 15

A snapshot
of the Indian
Influencer
Marketing
Industry
Influencer marketing (IM) has made its way as the powerhouse strategy for brands to etch
enduring impressions on audiences. Brands recognise the authenticity and adaptability of
influencer marketing, making it a key channel for reaching consumers across diverse sectors. The
value of the influencer marketing industry is predicted to touch 3.5 billion (USD) by the year 2028.
This projected market value reflects the industry’s current impact and underscores its continued
growth as an integral component of digital marketing strategies.

The IM industry spends has seen a steady Alphabet and Meta Ecosystem, take up 66%
rise over the past few years with a CAGR of the digital ad market share in India, while
of 45% and is predicted to touch 3.5 billion eCommerce and Content platforms follow
(USD) by the year 2028. behind with 13-15% and 10-12% respectively.

Year IM Spends in USD Bn Platforms Share (%)

2022 0.3-0.4 Alphabet and Meta 66

2028 2.8-3.5 eCommerce 13-15

Source: Creator Marketplace: Bridging Gap Between Brands and Content 10-12
Influencers in a Ballooning Digital Ad Market, Redseer I All figures
are gross of taxes (INR in billion) for study period 2022-2030 Gaming 5

What sets the Indian ecosystem apart is the Others 4

seamless collaboration between content
and creators. This combination captivates Total Size ~8.5 - 9 USD Bn
audiences and fuels the emergence of a
vibrant and thriving ecosystem. Influencers
have managed to tap into almost every Source: Creator Marketplace: Bridging Gap Between Brands
and Influencers in a Ballooning Digital Ad Market, Redseer I
niche in India’s social media landscape, Content includes Video OTT, Audio OTT, Short Form and News
catering to the diverse interests of audiences. Platforms; Others includes classifieds, reality, automobiles, food
delivery platforms and job platforms.
Collaborating with influencers who connect
with their target demographic has resulted
in an increase in brand engagement for
companies.

Annual Research Report 2023-24 17

The digital advertising market in India is growing at a rapid pace. Alphabet and Meta Ecosystem
are the current market leaders accounting for 66% of the digital ad market share in India, while
e-commerce platforms follow behind with 13-15%. However, alternate platforms such as digital
content platforms (OTT Video, OTT Audio, Short form video, etc.) are quickly gaining ground with
10-12% share in the pool. Placing ads in close proximity to the point of purchase on eCommerce
platforms has shown significant effectiveness in boosting conversion rates. The enhanced ability
to target specific audiences on OTT platforms led to a surge in subscriber numbers during the
pandemic, making them increasingly appealing to advertisers. These platforms offer tailored, non-
skippable ads designed to resonate with their intended audience.

18 Annual Research Report 2023-24

The Influencer
Marketing
Funnel

The Influencer Marketing Funnel serves as a strategic guide, meticulously mapping the journey
of potential consumers as they traverse through various stages of exposure to influencer-driven
initiatives. It mirrors the traditional marketing funnel but tailors its approach by incorporating
influencers at each crucial phase.

Awareness
In this stage, influencers introduce
brands using captivating content,
creating buzz and sparking curiosity
among potential consumers. Consideration
Here, influencers offer detailed
insights and personal experiences,
Activation fostering credibility as potential
consumers assess the product
In activation, influencers drive against their preferences.
interest into action through
exclusive promotions, giveaways,
or interactive campaigns, fostering
an engaged community around the
brand. Conversion
In the conversion stage, influencers
drive measurable outcomes by
guiding followers to make purchases,
Retention sign up for services, or subscribe,
leveraging established trust.
Post-conversion, influencers sustain
consumer loyalty through ongoing
collaborations, behind-the-scenes
content, or exclusive updates,
nurturing a lasting brand-customer
relationship. Referral
In the referral stage, influencers
leverage satisfied customers turned
advocates to create a viral effect,
driving new potential customers into
the awareness phase.

Full-Funnel Integration
By strategically partnering with influencers at every stage, from creating awareness to driving conversions, brands
ensure a cohesive and personalised consumer experience. This comprehensive approach ensures success in influencer
marketing initiatives, making it a vital component of modern marketing strategies.

Annual Research Report 2023-24 19

 STATE OF THE INFLUENCER
MARKETING INDUSTRY
20 Annual Research Report 2023-24
The Evolution
of Influencers

The Queen and the Pope advocating

medicine usage to common people. 1750s

King George III, United Kingdom

1760s supported the pottery of Josiah
Wedgwood by giving his royal
stamp of approval.

Lillie Langtry recommends Pears’ Soap

1880s
Nancy Green was hired by RT Davis
1890s Milling Company to be the face of their
pancake mix called “Aunt Jemima.”

Annual Research Report 2023-24 21

 Murad Cigarettes, a Turkish cigarette
brand, had Roscoe “Fatty” Arbuckle in
their influencer marketing strategy.
1900s

Coca Cola’s popularisation of Santa

1930s Claus to drive beverage sales using jolly
images of Santa Claus to convey cheer.

Marlboro Man was an icon played by

various actors to make smoking look
trendy and masculine. One word that we
could tie to the Marlboro Man is macho.
1950s
Fictitious character “Little Mikey” by
Quaker Oats used in order to sway
1970s consumers’ decisions. In the 1970s,
Quaker Oats featured a fictional, hard-
to-please boy named Mikey in their
famous commercial for Life cereal.

Nike inked a deal with former

professional basketball player Michael
Jordan to advocate for their products,
in exchange for the publicity.
1980s
Cindy Crawford is one of the world’s
most famous faces and Pepsi took
1990s advantage of her fame in one of their
commercials that ran during the 1992
Super Bowl.

Launched in 2010, Instagram, a social

media platform, enabled users to
connect through photo sharing and
express their interests. Influencers
seized the opportunity to deepen their
2010s
connection with fans on this platform.

In 2023, it’s evident that influencer

marketing is omnipresent, with digital
Now communities reigning supreme in the
realm of commerce and influencers
standing at the pinnacle.

22 Annual Research Report 2023-24

 Creator
Economy
Today
Mapping Current Realities

Content Diversity
Across Platforms and Formats
The ways content is crafted and delivered content creators navigate and capitalise on the
are as diverse as the creators themselves. unique attributes of each platform to engage
Let’s dive into the multifaceted landscape of and captivate their audiences.
platforms and content formats and how

Annual Research Report 2023-24 23

Leading
Social Media
Platforms in India

Instagram: YouTube:

A visual playground, Instagram is a content As the video giant, YouTube thrives on

powerhouse with 374 Million Indian creators versatility. Creators harness long-form
calling it home. From the short, catchy IG reels content and the trendsetting Shorts,
to static posts, engaging stories, captivating providing an expansive canvas for content
carousels, and traditional videos, creators that caters to varied viewer preferences.
leverage diverse formats to connect with their
audiences.

Facebook: LinkedIn:

A multimedia haven, Facebook Catering to a professional audience,

accommodates a wide array of content LinkedIn serves as a platform for business-
formats. From traditional posts to photo oriented content. Creators navigate
albums, videos, and interactive features, through informative posts, interactive
content creators find a rich space for polls, professional videos, and engaging
diverse and engaging content. carousels to connect with a business-minded
community.

X (Formerly Twitter): Others:

Elon Musk’s X is home to succinct yet While TikTok’s absence created a void in the
impactful communication through Tweets. Indian creator economy, it also led to the rise
Maintaining its real-time essence, the platform of other short-form video platforms, such as
remains a space for quick, timely updates and Takatak, Moj, and Josh, which sought to fill
concise expressions. the gap left by TikTok’s exit. These platforms
aimed to provide a space for creators to
showcase their talents and engage with
audiences.

24 Annual Research Report 2023-24

 Quantifying
Impact:
Key Metrics and
Measurements

Quantifying influencer impact through key

metrics and measurements is essential for
businesses seeking to optimise their marketing
strategies. By analysing metrics such as
engagement rates, reach, and conversion
data, organisations gain valuable insights into
the effectiveness of influencer collaborations.
Accurate quantification enables businesses
to allocate resources effectively, identify
high-performing influencers and refine future
partnerships, ensuring a strategic and data-driven
approach to influencer marketing that aligns with
overall business objectives. Metrics fall into two
categories: above-the-line — measuring social
media campaign performance, and below-the-
line — indicating tangible brand impact through
installations, registrations, and downloads.

Engagement Metrics:

Likes, Comments, and Shares: These metrics indicate the

level of engagement and interaction with the influencer’s
content. Higher engagement generally suggests a more
receptive audience.

Click-through Rate (CTR): With click-through rate, brands

can measure the percentage of people who clicked on a link
in the influencer’s content. This is particularly relevant for
campaigns with a specific call-to-action.

View-through Rate (VTR): For video content, VTR represents

the percentage of viewers who watched a video to
completion or a significant portion of it.

Annual Research Report 2023-24 25

 Follower Growth:

Follower Count: This helps influencers and brands to track

follower count before, during, and after the campaign to
understand the impact on the audience size.

Follower Demographics: The demographics of the

influencer’s followers must be analysed to ensure they align
with the target audience.

Conversion Metrics:

Conversion Rate: With conversion rate, brands can measure

the percentage of users who took a desired action, such as
making a purchase or signing up, as a result of the influencer’s
content.

Conversion Tracking: This metric helps implement tracking

mechanisms, such as unique URLs or promo codes, to directly
attribute conversions to the influencer campaign.

Reach and Impressions:

Reach: It is the total number of unique users who see the

influencer’s content. It gives an idea of the potential audience
exposure.

Impressions: They are the total number of times a content

is displayed, including multiple views by the same user. This
metric provides a broader view of content visibility.

Brand Sentiment and Awareness:

Brand Mentions: Brand mentions monitor social media and

online platforms associated with the influencer campaign.

Brand Sentiment Analysis: It helps evaluate the overall

sentiment of user comments and discussions related to the
brand during and after the campaign.

26 Annual Research Report 2023-24

 Cost-Related Metrics:

Cost per Engagement (CPE): CPE calculates the cost

associated with each like, comment, or share to understand
the efficiency of a brand’s campaign.

Return on Investment (ROI): The overall return on

investment helps in comparing the campaign’s results with
the cost of the influencer partnership.

Influencer-Specific Metrics:

Influencer Authenticity: Analysing the authenticity of the

influencer’s content helps assess how well an influencer’s
content aligns with the brand message.

Influencer Audience Quality: This helps analyse the quality of

the influencer’s audience by considering factors such as fake
followers, engagement authenticity, and relevance to the brand.

Annual Research Report 2023-24 27

Behind
Hashtags:
Understanding the
Regulatory Landscape

The regulatory landscape of influencer highlighting challenges in addressing nuanced

marketing has significantly evolved, prioritising aspects of the practice.
transparency, consumer protection, and
ethical practices. Initially operating with Globally, there is a trend towards harmonising
notable autonomy, the industry lacked regulations to ensure consistency across
stringent oversight, leading to instances where borders and address emerging challenges like
consumers made decisions without fully deepfakes. Staying informed about evolving
understanding the commercial motivations regulations is crucial for influencers and brands
behind influencer content. In India, consumer to meet compliance requirements, build trust
protection laws struggled to keep pace with the with audiences, and sustain the industry’s long-
rapid evolution of digital influencer advertising, term credibility.

28 Annual Research Report 2023-24

 Existing
Guardrails

To address the misuse of consumer trust In January 2023, the Department of Consumer
and protect stakeholder interests, the Affairs (DoCA) released ‘Endorsement Know-
Advertising Standards Council of India (ASCI) hows,’ detailing disclosure requirements for
has introduced the Guidelines for Influencer celebrities, influencers, and virtual influencers.
Advertising in Digital Media. While these Subsequently, in August 2023, DoCA
guidelines are not legally binding, they introduced additional guidelines for health
represent a commendable step towards sector professionals and health influencers.
self-regulation in the influencer advertising
landscape. ASCI also amended the Guidelines in August
2023, introducing specific compliance
The guidelines mandate a disclosure label requirements for influencers in the banking,
(e.g., “Ad”, “Sponsored”, “Collaboration”) on financial services, and insurance sectors,
all influencer advertisements to clearly indicate including qualifications and credentials for
their commercial nature. This disclosure is offering investment-related or financial advice.
required when a ‘material connection’ exists
between the advertiser and the influencer, CCPA’s Impact
including monetary compensation, free or Building on ASCI’s Guidelines, the Central
discounted products, or other perks. The Consumer Protection Authority (CCPA)
disclosure must be upfront, prominent, and not released the Guidelines for Prevention of
easily overlooked. Specific requirements are Misleading Advertisements and Endorsements
outlined for different types of content, such as for Misleading Advertisements, 2022. These
photo/video posts and livestreams. guidelines outline parameters for permissible or
prohibited advertisements and emphasise due
In addition to disclosing material connections, diligence for endorsements.
influencers are expected to conduct due
diligence to ensure the claims made in the In the case of non-compliance, CCPA may
advertisements are substantiated. impose penalties, up to INR 10 lakh for the first
offense and up to INR 50 lakh for subsequent
violations. CCPA also has the authority to
prohibit endorsers from making endorsements
for a specified period.

Annual Research Report 2023-24 29

Adapting to the Changing
Tides of Advertising
Regulations
While India has taken significant steps to establish compliance requirements for influencer
advertising, the impact, implementation, and enforcement of both ASCI’s Guidelines and CCPA’s
directives will become clearer with time. Organisations engaging influencers are advised to ensure
continuous compliance with these guidelines and stay informed about any further regulations
in this rapidly evolving landscape. Best practices include incorporating safeguards in contracts,
raising awareness among influencers about advertising laws, and conducting due diligence before
engagement.

“In the emerging landscape of influencer marketing, many

influencers may not be fully aware of the guidelines they
need to follow, which can lead to unintentional breaches. To
address this, it’s vital to adopt an inclusive standpoint that
recognises the collective obligation of brands, influencers,
agencies, and others to maintain ethical standards. When
taking a closer look at the violations, a significant aspect
is the failure in disclosing affiliations and paid promotions
transparently. Addressing this shortcoming requires a
two-fold strategy, in my opinion: instilling a culture of due
diligence and sharing accountability among all parties
involved.”

Ritesh Ujjwal
Co-founder of Kofluence,
as quoted in

As influencer marketing secured a prominent position in marketing discussions, it simultaneously

evolved into a sector demanding increased attention to regulations. Agencies, brands, and creators
today find themselves navigating through a substantial amount of documentation as they take up
collaborations. The guidelines established by both governmental and self-regulatory entities now
extend across various categories, encompassing everyone from health and wellness influencers to
financial influencers (finfluencers). The need to stay well-versed in these regulations has become
imperative for all stakeholders involved in the influencer marketing landscape.

30 Annual Research Report 2023-24

 Industry Perception On Regulatory Enforcements
72% of Brand Marketers support Over 56% of respondents acknowledge
advertising guidelines mandating the significance of disclosures in
creators to disclose all material influencer marketing practices.
connections.

Creator Sentiment
Brand Sentiment
2.8%
Disagree
2.8% 40.3%
7.9%
22.2% Disagree Agree
Strongly Disagree
Neutral
2.8% 31.2% 15.9%
Strongly Disagree Neutral Strongly agree
44.4%
27.8%
Agree
Strongly Agree

While 13% of creators disagree with disclosure

guidelines, a significant 30% of respondents
adopt a neutral stance towards disclosures.
Resistance among influencers may be rooted
Despite a 6% disagreement among marketers in concerns about perceived restrictions
regarding imposed guidelines, regulatory on creativity or a lack of familiarity with
bodies are diligently enforcing stringent evolving best practices. Raising awareness
laws to enhance consumer awareness. about compliance and potential risks is vital
Consequently, it is evident that influencer for influencers, emphasising a collective
guidelines are generally well-received by responsibility shared by all stakeholders in the
brand marketers. industry.

Annual Research Report 2023-24 31

As the significance of influencers in the realm of digital marketing continues to escalate and their
content holds immense sway over consumers’ purchasing decisions, it is imperative to maintain
transparency and accountability.

“The influencer economy is at an exciting juncture and poised for

stupendous growth. The foundations of this economy must be built on
the long-term principles of audience and brand trust. ASCI’s work in
encouraging honesty and transparency with disclosures helps brands
and influencers maintain this trust. We have seen increasing compliance
since our guidelines launch in 2021. ASCI is committed to supporting the
influencers to champion honesty and authenticity through its ongoing
programs and the Responsible Influencer Playbook, the e-learning course
offered by ASCI Academy. For the influencer economy to flourish and
grow, the benefits it brings to the ecosystem mustn’t be squandered away
by short-term thinking.”

Manisha Kapoor,
CEO and Secretary General
ASCI

32 Annual Research Report 2023-24

 TRENDSCAPE

Annual Research Report 2023-24 33

Current Trends
in Modern Influencer Marketing

Beyond applications and platforms, social Geotargeting and micro-influencers

media represents a digital environment
that is profoundly reshaping the marketing Geotargeted marketing shifts focus to local
domain. TikTok, Instagram, Facebook, and influencers, fostering authentic connections
YouTube stand as the dynamic arenas where with followers in close proximity to both
brands can authentically connect, engage, the influencer and the brand. This approach
and flourish with their audiences. Given the proves effective especially for national brands
substantial shifts in platform algorithms, it has with local presence. This trend reflects a move
become imperative for marketers and small towards hyper-focused influencer marketing,
businesses to comprehend current social prioritising niche influencers with dedicated
media trends and evolving user behaviours on follower bases for increased engagement and
these platforms. conversions compared to broader categories.

AI-powered influencing

AI is revolutionising influencer marketing

across multiple fronts, introducing efficiencies
and strategic capabilities. AI streamlines
campaign management, coordinating
influencer identification to content scheduling.
Using vast datasets, brands make data-driven
decisions, predicting audience behaviour
and tailoring campaigns to emerging trends.
It also helps identify authentic influencers,
ensuring collaborations with those aligning
with the brand. Moreover, AI has ushered
in a new era of virtual influencers like Lu do
Magalu, Lil Miquela, K/DA and others. These
digital entities, crafted through computer
graphics software, possess unique personas,
effectively functioning as influencers across
various social media platforms.

34 Annual Research Report 2023-24

 Case Study

Pigeon’s multi-faceted campaigns not only

celebrated the brand’s 100-store milestone
but also strategically showcased hero
products through UGC and exclusive store
visits. Across campaigns, 1000+ content
pieces delivered by a majority of micro and
macro-influencers, we generated a staggering 81 M+ Views
cumulative 81 M+ views. With the highest
engagement rate of 24%, the collaboration
with chefs and parenting influencers stood
out, exceeding targets!

2 M+ Total Engagement

Brand awareness driven IMC

Stovekraft aimed at a brand
awareness-driven campaign that
targets their TG for kitchenware
and home appliances.
350+ Reels

Annual Research Report 2023-24 35

 Top Viewed Content:

great_indian_asmr
Brand: Super Cooker anjithasworld
sagarskitchenofficial
Brand: Nutri Mixer Brand: Rice Cooker Joy

ekta.mk
Brand: Slowjuicer
mansirajani85
Brand: Airfryer

36 Annual Research Report 2023-24

 Top Engaging Content:

mitzitup varsha_balani twinstars_meera_gaura

Brand: 2024 Campaign Brand: EBO Brand: Airfryer
Eng: 24.12% Eng: 9.61% Eng: 18.57%

dr shruthi 11
Brand: Slowjuicer
shweta sawarnik
Eng: 17.26%
Brand: Nutri Mixer
Eng: 11.49%

Annual Research Report 2023-24 37

 “Influencer marketing isn’t just about connecting brands with
influencers; it’s about weaving a narrative that transcends
traditional marketing. Influencers are the architects of brand
stories, constructing a bridge between products and personal
connections. It’s more than a campaign; it’s a collaborative
journey in storytelling.”

Poornashree Manjunath,
Head of Public Relations
Stovekraft

Live shopping
Affiliate marketing
Live shopping facilitates real-time interaction
Affiliate marketing, once distinct from between influencers and their audience.
influencer marketing, is gaining traction During engaging video streams, viewers
among social media creators. This involves actively participate, posing questions, and
sharing product links with a unique code to receiving instant responses. The addition of
track referrals. If the audience purchases exclusive promotions and discounts enhances
through the provided link, the content creator the sense of exclusivity, making the audience
receives a commission from the online feel like valued insiders with access to special
retailer. This approach encourages creators offers. This dynamic, interactive approach
to monetise their influence by promoting not only showcases products but also forges
products and earning commissions on a deeper connection, transforming passive
resulting sales. viewers into an engaged community of brand
enthusiasts.

38 Annual Research Report 2023-24

Contextual advertising Deinfluencing

Impactful marketing hinges on relevance, Deinfluencing reshapes the influencer

especially in a saturated ad landscape. Rather landscape, prioritising authenticity,
than splurging on uncertain campaigns, sustainability, and conscious consumerism.
brands are turning to contextual marketing. Deinfluencers advise followers on what
This strategy vigorously aligns promotional not to buy, promoting a ‘don’t waste your
messages with relevant digital content money’ theme. This trend reflects a shift
through algorithms, delivering targeted toward more genuine and relatable content,
ads that resonate with users. This precision challenging influencers to adapt. Brands must
benefits content publishers with revenue, and embrace new approaches, choose influencers
advertisers with increased traffic—achieving wisely, and foster credible communication in
results without significant upfront costs. response to evolving follower preferences.

“Influencer marketing has evolved over the years, with a

current trend in honest product hauls and a rise in affordable
shopping content. The shift to more relatable influencers
over aspirational figures builds trust, helping brands in
reaching their audience. Nano and micro-influencers are
going to be pivotal for brand distribution.”

Abhijit Ghosh,
Brand Communications and
Influencer Marketing Lead,
Meesho

Annual Research Report 2023-24 39

#SwiggyThi
Maangaavo

3.5 M+ 3 M+
Views Reach

400K+ 430
Engagement Cost per view

40 Annual Research Report 2023-24

Brief:

To achieve a 6x engagement boost (156

reels) by creating a catchy Gujarati song
for the audience to groove to. This helped
raise awareness and engage the audience
effectively.

What we delivered:

Partnered with trending musical sensation

Aditya Ghadvi, injecting star power into The campaign was executed with the
the Navratri campaign for a glamorous and quickest TAT of just 4 DAYS.
resonant Gujarati anthem. Paired him with 350+ reels were organically created on this
popular regional influencer Kushal Mistry for audio.
a powerful launchpad within the community.
The campaign garnered an engagement
The audio #SwiggyThiMaangaavo was that’s 13.5x the seeded reels in just 5 DAYS.
#Trending on Instagram for the Navratri
week.

Annual Research Report 2023-24 41

 # Swiggy
Navratri
By collaborating with artist Aditya Ghadvi
and popular regional influencer Kushal
Misrtry, the campaign aimed to capitalise
on their widespread appeal and influence
to effectively promote Swiggy during
the festive celebrations in Gujarat. This
innovative approach sought to align
Swiggy with the artist’s existing fanbase
and cultural relevance, thereby increasing
brand visibility and engagement within the
regional Gujarati audience.

42 Annual Research Report 2023-24

Psychology
Of Influence

Influencers inhabit the social space and are also

involved in persuading people to agree with their
opinions. In other words, they get their followers
to say yes more often than not. Here are 6 basic
tendencies of human behaviour that come into
play while generating a positive response. They
are as follows:

Reciprocity Liking

Most cultures have a system where individuals Another powerful motivator is liking, or in
are expected to repay in kind what they have other words associating with people whom
received. Reciprocity operates on three types we like. If one likes a person, the possibility
of social obligation: giving to establish good of agreeing with that person increases.
relations with, accepting what is offered to Direct marketing companies like Tupperware,
you and repaying those who have given to Amway and others have successfully used
you in the past. In the context of influencers, this concept to build their business through
it makes sense to practice reciprocity among party sales and home demonstrations. Liking
the non-kin in-group, which in their case is also a stronger motivator because it also
means subscribers or followers. uses another concept called mirroring.

44 Annual Research Report 2023-24

Commitment and consistency Authority

When it comes to consistency, it is seen Right from birth, we are ingrained to respond
that people tend to remain committed to to people with authority starting with
a course of action, if they have previously teachers. In ancient times, influencers were
committed to it. So when an influencer often figures of authority like Priests and
consistently updates their followers on their Kings. In an experiment, researchers from the
life, the followers tend to grow attached and University of Texas found that a man dressed
influenced by their lifestyle. in suit and tie increased the number of people
following him against the traffic by 350
percent! That is the power of authority.

Social validation

Social validation is the phenomenon where Scarcity

individuals are influenced by the actions
and choices of others within a social group. Scarcity perceived or actual is a powerful
It elucidates why audiences are drawn to motivator for changing buyer behaviour. This
influencers who display lifestyles, products, is a commonly used tactic that plays upon
or ideas that resonate with a collective people’s desire to obtain resources that are in
consciousness. The ripple effect of social limited supply. It is an emotional trigger used
validation plays a pivotal role in shaping by influencers when they offer limited period
trends, consumer choices and the overall discounts.
success of influencer-led campaigns.

All these factors make influencer marketing an important tool for effective brand building.

Annual Research Report 2023-24 45

Consumer
Trust
Journey
What happens in the minds
of consumers when they base
their decision on an influencer’s
recommendation?

Humans are complex organisms driven by various

emotions that are often unfathomed. Early
psychologists thought that humans were rational
in their decision-making until it was revealed that
often, they make decisions based on emotion and
then rationalise them. Some of the triggers for
buying range from:

Herd mentality or McClelland’s affiliation Bridging the curiosity gap

A consumer, who buys a product based If there is a buyer who is not aware of
on the recommendation of an influencer, something and yet wants to know more about
is displaying herd mentality as part of it; this knowledge gap is called the curiosity
the influencer’s tribe. McClelland called it gap. Depending upon the product, consumers
affiliation, where the consumer wants to will buy it to fill in the curiosity gap based on
be associated with others through a the recommendation of the influencer.
partnership of shared buying decisions.

Trust in the influencer, as a consumer

Fear of missing out (FOMO)
When an influencer promotes a product that
People also are motivated to buy, driven by they use and recommend, the consumer is
the fear of missing out. It also builds on the more disposed to buy it. The believability of
FOMO or scarcity principle. Anything that an influencer plays a great role in influencing
is perceived to be in short supply becomes buying on the part of a consumer.
more attractive and hence needs to be
purchased.
Authority of the influencer

If an influencer is perceived as an authority in

their field then consumers are more eager to
buy the recommended product. It is also the
halo or rub-off effect coming into play.

46 Annual Research Report 2023-24

 “In recent years, the world of marketing has undergone a digital
transformation, and influencer marketing has emerged as a key player
in the social media era. By keeping a close eye on the ever-changing
digital preferences of our audience, we have developed campaigns that
not only grab attention but also build lasting connections.”

Gautham Narayan,
Senior Manager TVS Raider

Annual Research Report 2023-24 47

Who is an

Influencer?

An influencer, according to Miriam-Webster, is defined as

“one who exerts influence: a person who inspires or
guides the actions of others.” In contemporary usage,
an influencer is recognised as a figure in a particular industry,
topic arena, or niche who has garnered a following through personal authority, expertise, or
relationships. This individual possesses the capacity to impact the decisions and behaviours
of others, particularly in the realm of purchasing choices. The key to their influence lies in the
establishment of a genuine relationship with their audience, built on personal experience or
specialised knowledge.

Content Creators vs. Influencers: Are they the same?

Today, terms like “content creator” and Influencers, on the other hand, leverage
“influencer” have become ubiquitous across personal brands and substantial followings
various social media platforms. Are they to endorse products, lifestyles and ideas.
interchangeable, or do they signify distinct
roles? While content creators and influencers share
skills like technology proficiency, their specific
Content creators and influencers play expertise differs. Content creators prioritise
distinct yet interconnected roles in the content creation, storytelling and digital
digital landscape. Content creators focus on marketing, while influencers specialise in
producing original content and showcasing audience management, social media tactics
their expertise or creativity across various and niche expertise. The key distinction
mediums. They aim to engage audiences, lies in their goals and strategies—content
build brand awareness and potentially creators align with business objectives, while
generate income. influencers aim to inspire and influence their
audience.

Annual Research Report 2023-24 49

The Spectrum of

Influence
Influencers are categorised in various ways, but the
most common method to differentiate them is by
the number of followers they have. In general, there
are four main categories of influencers based on their
follower count: nano, micro, macro and mega. Micro-
influencers are often seen as more authentic and have
higher engagement rates, while mega and celebrity
influencers can expose a brand to a massive
audience but may be less relatable to consumers.

Nano-influencers Macro-influencers

With the smallest follower count of 1K to 10K Macro-influencers, boasting 100K–1M

followers, nano-influencers offer brands a followers, are prominent figures in social
modest reach, probably a narrower one too. media, including bloggers, vloggers and
However, what brands lose in reach, they gain podcasters. Despite lower engagement
in engagement. Nano-influencers are known rates due to their larger audience, they excel
to have the highest engagement rate of any at creating brand awareness and capturing
influencer type. They offer authentic consumer attention. Brands can leverage
recommendations and build close their popularity to expand their reach and
relationships with followers. Nano-influencers enhance their market reputation.
are cost-effective for initiating influencer
marketing, particularly for product launches or
exploring new niches. Mega-influencers

Mega-influencers, encompassing celebrities

Micro-influencers and public figures with substantial followings
on platforms like Instagram and YouTube,
Micro-influencers, with 10K to 100K followers, wield immense influence over their audience’s
offer a sweet spot in social media marketing. purchasing decisions. Brands eagerly pursue
Despite their substantial following, they lucrative endorsement deals and partnerships
maintain relatability and high engagement, to leverage their reach for increased
often specialising in specific niches. This awareness and credibility. Despite rising
specialisation allows for tailored sponsorships, consumer scepticism towards sponsored
making it easier for brands to connect content, mega-influencers remain pivotal in
with their dedicated audience. Similar to social media marketing. Their unparalleled
nano-influencers, micro-influencers foster ability to engage and shape consumer
close relationships with followers, but their behaviour makes them indispensable for
specialisation in niche markets makes them brands aiming to enhance visibility and drive
particularly effective for targeted marketing sales.
messages, aiding in the generation of more
focused leads.

50 Annual Research Report 2023-24

Indian Creator Ecosystem:
Breakdown of Categories and Platforms

2.5-3.5 Million
Total Content Creators in India Across Social Media Platforms

Content Creators Across Categories

Audience Engagement Discoverability

Creator Types Overall (K) Type (%) Ease
Close/Personal,
Nano (1k-10k) 1600-1900
High on Authenticity
3%-4% Low

Local, Engaging,
Micro (10k-100k) 700-900
Niche, Selective 1.5%-2% Medium

Macro (100k-500k) 370-480 Regional, Niche 1%-1.5% High

National, Genre-based/
Mega/Celeb (> 500k) 26-40
All-encompassing 0.5%-1.5% High

Kofluence estimates I Redseer Report I The total creator size encompasses primary social media platforms, notably Instagram and YouTube.

Content Creators Across Platforms

Nano
200k-300k 1400k-1600k
(1k-10k)

Micro
100k-200k 600k-700k
(10k-100k)

Macro
70k-80k 300k-400k
(100k-500k)

Mega/Celeb
6k-10k 20k-30k
(> 500k)

Kofluence estimates I Redseer Report I The subscriber count ranges and average view ranges provided are
indicative and may vary across different contexts and timeframes.

Annual Research Report 2023-24 51

Creator Demographics:
Region, Gender, and Gender Analysis
-India

Influencer Diversity: Presence Across Various Regions

15%
37%
East
North

15%
23%
West
Central

10%
South

52 Annual Research Report 2023-24

 Age-wise Distribution Across Platforms

Age 46+ Age 36 - 45 Age 26 - 35 Age 18 - 25

Gender-wise Distribution Across Platforms

Male Female Male Female

60%-70% 30%-40% 50%-60% 40%-50%

Kofluence Estimates I Based on Desk Research, Expert Discussions and Industry Analysis

Annual Research Report 2023-24 53

Pricing

Blackbox
Despite the Influencer marketing
industry’s expansion into a multi-billion
entity, one of the most opaque aspects
of influencer marketing remains its pricing
structure. Unlike traditional advertising
mediums, where standardised pricing
models often exist, influencer marketing operates in a more nebulous space, with no universal
marketplace or standardised pricing structure. This lack of transparency can be attributed to a
variety of factors, including the bespoke nature of campaigns, the diversity of influencer niches
and the personalised approach to content creation.

Factors Influencing Pricing

Supply or Demand Content Quality and Production Costs

At the core of influencer pricing is the basic The effort and resources required to produce
economic principle of supply and demand. content also play a crucial role in determining
Influencers with a large, engaged following pricing. High-quality, professionally produced
often command higher fees due to the higher content that resonates with an audience
demand for their endorsement. Conversely, can justify higher fees. Influencers who
an oversupply of influencers within a specific invest in their content creation capabilities,
niche may lead to lower prices unless an such as professional photography or video
influencer can differentiate themselves production, often command higher rates.
through superior engagement rates or
content quality. Engagement Rates

Genre or Niche Engagement rates, measuring how actively

an influencer’s audience interacts with their
The influencer’s niche significantly impacts content (likes, comments, shares), are a
pricing. High-demand sectors such as beauty, critical metric for pricing. An influencer with a
fitness and gaming often see higher rates highly engaged audience is more valuable to
due to their ability to influence consumer brands, as engagement is a strong indicator
behaviour effectively. Niche markets, while of the audience’s trust and interest in the
potentially less expensive, can offer brands influencer’s recommendations.
a highly targeted audience, providing a
better return on investment (ROI) for certain
products or services.

54 Annual Research Report 2023-24

 Cost Per Model (CPM, CPC, CPA) Another metric gaining traction in influencer
marketing is CPX, which stands for Cost
Cost Per Models (CPM, CPC, CPA) are Per X. CPX is a flexible metric that allows
essential metrics utilised in influencer advertisers to define their own desired
marketing campaigns to assess their action or outcome, denoted by the “X” in the
effectiveness and cost efficiency. These abbreviation which could represent a variety
models offer distinct approaches to measure of actions, such as engagement metrics like
the direct impact of influencer collaborations likes, shares, or comments, or more complex
on various brand objectives, from raising conversions like sign-ups, downloads, or video
awareness to driving traffic and generating views.
sales.
Exclusivity and Duration
In influencer marketing, where the focus is
often on engagement and conversion, these The exclusivity of the partnership and the
models provide clarity on the monetary value campaign duration also impact pricing.
associated with different actions taken by the Longer-term collaborations or exclusivity
audience in response to influencer content. agreements, where an influencer agrees
not to promote competing brands, typically
CPM, or Cost Per Thousand Impressions, command higher fees due to the ongoing
measures the cost incurred for every commitment and potential lost opportunities
thousand views or impressions of the for the influencer.
influencer’s content. It’s particularly relevant
for brand awareness campaigns, where the Platform
primary goal is to reach as many potential
customers as possible and make an impact on The choice of platform can influence
a broad audience. pricing, with each platform offering different
engagement dynamics and audience
CPC, or Cost Per Click, focuses on the demographics. Instagram, for example, has
cost associated with each click generated become one of the most popular platforms
from the influencer’s content leading to for influencer marketing, particularly for
the brand’s website or landing page. This visually driven industries like fashion and
model is beneficial for campaigns aimed at beauty. However, platforms like TikTok have
driving traffic to specific destinations, such as risen in popularity, especially among younger
product pages or promotional offers. demographics, potentially commanding
different pricing structures.
CPA, or Cost Per Acquisition, is considered
as the cost incurred for each desired action
taken by the audience such as making a
purchase or signing up for a service, and is
directly attributed to the influencer’s content.
It’s a critical metric for campaigns with the
primary objective of driving conversions and
maximising return on investment (ROI).

Annual Research Report 2023-24 55

Content
Monetisation
Opportunities Across
Platforms

YouTube at the Forefront

An average of 110k to 170k Indian creators

monetise their content on YouTube.

% of Monetising Creator
Creator # Earning
Types Creators (K)

Nano | 1k-10k 20k-30k

Micro | 10k-100k 30k-60k

Macro | 100k-500k 60k-68k

Mega/Celeb | >500k 6k-10k

Kofluence Estimates I Based on Subscriber Count Ranges and Percentage of Monetising YouTubers among Total YT Content Creators.

56 Annual Research Report 2023-24

YouTube is considered one of the most monetisation-friendly platforms for content creators,
offering a range of avenues to generate income. This holds true globally and is particularly relevant
in regions such as India. Here are mediums through which YouTube stands out as a lucrative
platform for content creators:

YouTube Partner Program (YPP) Affiliate Marketing

The YouTube Partner Program (YPP) lets Affiliate marketing allows creators to earn
creators earn money from their videos a commission for promoting products or
through ads. Eligible participants get access services through embedded affiliate links
to extra features like memberships and Super in their video descriptions. This creates an
Chat. A channel must have at least 10,000 additional revenue stream and provides value
subscribers and 4,000 watch hours in the to their audience.
previous year to qualify.
Merchandise Sales
Advertising Revenue
YouTube’s Merch Shelf feature enables
YPP creators earn revenue when viewers creators to sell branded merchandise directly
encounter ads on their channels. Revenue to their audience. This generates additional
varies based on viewing sources. This income for creators and fosters a deeper
structure compensates creators while connection between the creator and their
recognising revenue nuances. community.

Sponsorships and Brand Deals YouTube Shorts Fund

Creators can partner with brands through YouTube offers a $100 million Shorts Fund to
various channels like product placements, reward creators who produce engaging and
sponsored reviews, and event promotions. original Shorts content. This fund provides
These collaborations help them diversify financial support to incentivise the creation of
their income streams by earning additional compelling short-form videos on the platform.
revenue. By integrating brand promotions
into their content, creators can monetise New Monetisation Criteria
their influence and create engaging content
for their audience while forging mutually YouTube’s new monetisation criteria require
beneficial brand relationships. creators to have at least 500 subscribers
and 3,000 watch hours in the past year or
3 million views on Shorts in the last 90 days.
This change provides a lower entry barrier for
creators to earn revenue from their content.

Annual Research Report 2023-24 57

Monetisation Avenues Instagram
Across Major In India, Instagram offers a diverse range of
Platforms monetisation opportunities for creators to
earn income and engage with their audience.
Influencers can collaborate with brands
through sponsored content and brand
Facebook partnerships to promote products and
services, while affiliate marketing provides
a commission for promoting third-party
Facebook has become a popular platform
products. Utilising Badges during live streams
for content creators in India to monetise
allows fans to support creators directly
their content effectively. With Facebook Ad
and enabling ads on Instagram Reels offers
Breaks, creators can insert short ads in their
another avenue for monetising short video
videos and earn a share of the advertising
content. Milestone bonuses and the newly
revenue. Facebook Stars is another feature
introduced Instagram Subscriptions feature
that enables fans to purchase virtual gifts
further incentivise creators by providing
during live streams or video watching while
additional revenue streams and opportunities
allowing creators to receive a portion of the
to offer exclusive content to their audience
revenue. In addition, creators can monetise
for a monthly fee. As Instagram continues
their content through in-stream ads, paid
to explore and develop new monetisation
online events, tipping, themed virtual gifts,
features, creators are encouraged to stay
exportable revenue reports and ownership
updated on announcements and features
links on matched videos.
to maximise their earning potential on the
platform.

X (Formerly Twitter)
X has launched a monetisation program
LinkedIn
called Ads Revenue Sharing. It allows X Blue
LinkedIn in India offers creators evolving
subscribers and verified organisations with
monetisation opportunities through features
at least 5 million monthly post impressions to
like Creator Mode and potential collaborative
participate. Creators must pass the Creator
posting. These features enable creators
Monetisation Standards review process and
to collaborate with brands, share insights
set up a Stripe account to receive payouts.
on ad campaigns and generate revenue
The program aims to enhance earning
through targeted promotion. LinkedIn is
opportunities for creators by allowing them
exploring monetisation options such as
to share in ad revenue from replies to their
tipping, subscriptions and brand partnerships,
posts. X has also launched the Tip Jar
allowing creators to earn direct monetary
feature in India, which allows select users to
contributions, offer exclusive content to
receive audience tips via integrated payment
subscribers and work with brands for
gateway provider Razorpay. Twitter has
sponsored content. Furthermore, the Creator
partnered with various platforms to expand
Accelerator Program launched in 2022 aims
monetisation options for content creators.
to support creators through coaching and
resources. As LinkedIn continues to evolve,
creators can expect more monetisation
opportunities, highlighting its potential as a
sustainable income source. Keeping updated
on new features is vital for creators to
maximise these opportunities effectively.

58 Annual Research Report 2023-24

The Economy of
Influence
Earnings of Instagram Content
Creators per Content
How Much Money Do Indian -India
Influencers Make in 2024?

Social media influencers in India earn an Nano | 1k-10k 0.5K

average monthly income ranging from -5K

₹20,000 to ₹200,000. Projected to reach a Micro | 10k-100k 3K-1L

value of 28 billion INR by 2026, the influencer
marketing industry in India is experiencing Macro | 100k-1Mn 50K-5L
exponential growth. However, it’s important
to note that individual incomes can fluctuate Mega/Celeb | 1Mn+ 2L+
significantly based on follower count, niche,
and engagement levels. Moreover, influencers
with more significant followings and strategic
brand collaborations earn substantially more.

In 2023, the analysis of influencer earnings

in India reveals intriguing dynamics Earnings of YouTube Content Creators
across Instagram (IG) and YouTube (YT). per Content
Mega-influencers on Instagram emerge -India
as financial powerhouses, commanding
earnings ranging from 3 to 5 lakhs,
surpassing their YouTube counterparts
who earn between 1.2 to 3 lakhs. Nano | 1K-10K
1K
-7K
Instagram celebrities exhibit a broader
spectrum, securing earnings from 7 to Micro | 10k-100k 5K-2L
15 lakhs, whereas YouTube celebrities
range from 1 to 5 lakhs. Micro-influencers Macro | 100k-1Mn 75K-5L
maintain consistent earning ranges across
both platforms, with 20,000 to 50,000 Mega/Celeb | 1Mn+ 3L+
on Instagram and 20,000 to 39,000 on
YouTube. Interestingly, Macro-influencers
on Instagram demonstrate a higher
earning potential (60,000 to 1.6 lakhs)
compared to their YouTube counterparts Kofluence Estimates I Earnings in INR are based on commercials per
Short-form Video Content (SFVC)
(40,000 to 1 lakh).

The substantial earnings in the Mega and Celebrity categories reflect the maturation of the
influencer marketing landscape, emphasising the strategic significance of platforms in shaping
earning potential and brand collaborations. Negotiating fair compensation and maintaining
authenticity in sponsored content amid evolving audience expectations are critical aspects that
influencers must navigate to establish sustainable monetisation strategies.

Annual Research Report 2023-24 59

 Top Creator Spotlight

ranveersingh
Followers: 46.6M

itsmelavanya
Followers: 3.6M

tripti_dimri aliaabhatt dqsalmaan

Followers: 4.9M Followers: 82.9M Followers: 14M

sreeleela14 kichchasudeepa
Followers: 4.1M Followers: 2.2M

thedeverakonda
Followers: 21.1M

nayanthara
Followers: 7.5M

virat.kohli
Followers: 266M Celebrity

60 Annual Research Report 2023-24

 beerbiceps
Followers: 3.2M

taneja.gaurav
Followers: 3.9M

komalpandeyofficial mr.mnv thatbohogirl

Followers: 1.9M Followers: 1.8M Followers: 1.8M

madangowri danishsait
Followers: 2.4M Followers: 1.4M

pearlemaany
Followers: 4.2M

mehaboobdilse
Followers: 985K

vaishnavi_chaitanya_
Followers: 1.4M Mega

Annual Research Report 2023-24 61

 yashwanth_shettyy
Followers: 282K

bhavyakamainaccount
Followers: 184K

isachinawasthi sayanti_mahapatra shreemayireddyy

Followers: 399K Followers: 230K Followers: 162K

thekurtaguy aryavcg
Followers: 507K Followers: 360K

kikiandaani
Followers: 361K

deepavedha
Followers: 425K

the.food.cravers
Macro Followers: 335K

62 Annual Research Report 2023-24

 glitter.n.lashes
Followers: 64.4K

thanmaye_chowdary
Followers: 52K

jeeeeevitha cipiaartul makeupspacewithneha

Followers: 78.3K Followers: 96.5K Followers: 78.1K

bhawna_lunthii zeel_nahar
Followers: 68K Followers: 36K

incredible_isha12
Followers: 57.7K

thedappercheck
Followers: 109K

thestylepicker
Micro Followers: 93.1K

Annual Research Report 2023-24 63

Creators’ Corner: Key Considerations in Brand
Collaborations

Insights Backed by Survey Brand reputation and long-term

Findings partnerships are key deciding factors for
brand collaboration, according to 40% of
Preferred Content Formats for Creators creators.

Creative
Freedom Brand
Short-form video is the most preferred Reputation
13.4%
content format by over 30% of creators 22.5%
while GIFs and Memes (3%) and Audio (4%)
Others
are least preferred.
6.5%
Audio
Target Monetary
4.2% Audience
Blogs Benefits
5.2% 11.8% 15.2%
GIFs and
Memes Content
Text 2.9% Alignment
7.1% 13.2%
Long Term
Partner
Long Form
Video Short Form 17.3%
Videos
12.0%
30.2%

Story
17.0% Images
21.4%

Creators often prefer snackable/short-form Long-term partnerships, seen as a strategic

content because it requires less time and investment, highlight creators’ aspirations for
effort while quickly capturing the audience’s sustained and mutually beneficial relationships
attention. The traditional popularity of text- that transcend individual campaigns. Monetary
based content creation, including blogs, benefits linked to brand collaborations stand
has experienced a decline with the current out as the next most influential deciding factor
interest rate decreasing to 12%. However, for creators, accounting for 15%. Additionally,
even though audio formats, in general, are Creative Freedom and Content Alignment
among the least preferred, there is a notable hold significant sway among creators, with an
exception. Content types like podcasts, equal share of 13% considering these factors
despite being part of the least preferred as crucial in their decision-making process.
category, are still active in the picture and are
predicted to make a stronger comeback
than blogs.

64 Annual Research Report 2023-24

 Preferred Techniques for
Brand Outreach

Over 70% of creators actively choose

influencer marketing platforms/agencies to
discover brand collaborations.

I like using influencer marketing platforms/

agencies to identify and collaborate with
brands.

I prefer a manager/talent management

agency finding and recommending brands
for me to work with.

I prefer pitching to brands directly for

influencer marketing opportunities.

Talent management entities, encompassing both individual managers and talent management
platforms, emerge as the preferred route for 15% of creators. These entities actively orchestrate the
groundwork on behalf of creators, providing strategic support in areas such as brand collaborations,
negotiations, and overall career development. Conversely, a significant 14% of creators favour a
hands-on, direct approach, choosing to independently pitch their ideas and collaborations to brands
via emails and direct messages (DMs).

Annual Research Report 2023-24 65

#InfluencerInsights: Voices
from India’s Top Celeb Content
Creators

“I would describe influencer-led marketing as the cost-effective

option, particularly for small and medium-sized businesses. It gets
you the best reach and engagement without incurring the elevated
expenses linked to alternative marketing channels.”

Rubina Dilaik

“Influencers often gather substantial and highly engaged

followings on social media platforms. Collaborating with
influencers helps brands expand their audience reach and improve
visibility, especially within specific niche markets.”

Mahima Chaudhry

“This marketing strategy proves especially beneficial for

e-commerce enterprises and those aspiring to establish an
international footprint. Every influencer marketing agency plays a
crucial role in fostering a seamless connection between creators
and brands.”

Kiku Sharda

66 Annual Research Report 2023-24

 “Agencies and platforms bridge the gap between us artists and
the brands, thereby reducing our time and effort for planning,
negotiation, and execution.”

Aparna Dixit

“When it comes to creating and publishing content - It’s simple. If

we can watch it, our parents can watch it and if we let our young
nieces and nephews watch it, then we publish the video. With
respect to brand collaborations; we enjoy collaborating with brands
that believe in our ideas. Ultimately, we know what works for our
audience. We want the brand to be integrated in the most seamless
and organic manner. That’s when it’s a win-win-win.”

Jordindian

“Influencer marketing agencies nowadays have made our work as

artists quite easier. Earlier we had to do the entire R&D of the brand
before saying yes for a collaboration, then again the paperworks,
execution etc, leading to a big set of tasks. With the agencies in
between, it has become easier for us. We just say a yes or no for
any campaign, and rest everything is taken care of by them.”

Mansi Srivastava

Annual Research Report 2023-24 67

Understanding Why

Influencer
Marketing Steers
the Narrative
Enhanced brand visibility Enhanced credibility and trust

Influencers’ extensive reach offers a Influencers wield a notable capacity to

distinctive opportunity to capture the cultivate trust within their follower base,
attention of their followers when endorsing forming robust and engaged communities.
or recommending a brand. Followers often Their authentic endorsements of products or
perceive recommendations from trusted services are viewed as genuine testimonials,
influencers as genuine and authentic. elevating the brand’s reputation and
Collaborating with influencers enables credibility. Collaborating with influencers not
brands to break through the noise, attracting only fosters trust with their audience but also
the attention of their followers, thereby cultivates a cadre of loyal brand advocates,
augmenting brand visibility and sparking boosting brand awareness and, ultimately,
meaningful online conversations. revenue.

Zeroing in on potential customers

Effective marketing demands a nuanced

understanding of the target audience, a time-
consuming endeavour. Influencer marketing
streamlines this by leveraging influential
figures for broader reach. Careful
selection of influencers aligned with
“In the dynamic realm of India’s social media,
the brand’s image and niche is
influencer marketing isn’t just a strategy; it’s a journey.
crucial in fostering an authentic
connection with the target From my experiences, I’ve found that the real magic lies
market. in cultivating authentic connections, curating relatable
content, and pioneering collaborations that resonate
uniquely with our diverse audience. As we navigate this
evolving landscape, the key is to stay agile, adapting to
the ever-shifting preferences of our digital community.”

Leepakshi Nagrath,
Brand Marketing Manager and
Social Media Lead, Domino’s

Annual Research Report 2023-24 69

Engagement 2.0 Increased conversions

Gaining high engagement on social media is Influencer marketing boosts conversions by

challenging and a large follower count doesn’t capitalising on the credibility influencers have
guarantee success. Influencer marketing with their followers. Authentic endorsements
offers a solution by enabling businesses translate into increased trust, prompting
to create appealing content through followers to take desired actions such as
collaborations. Influencers share this content, making purchases or signing up for services,
expanding its reach and prompting audience ultimately leading to higher conversion rates.
engagement. This makes influencer marketing
vital for boosting a brand’s visibility and
achieving better engagement on social media.

“Influencer marketing has evolved from a vanity deployment

to ROI-based marketing tool. Advertisers are developing their
own strategies to engage with the ever growing influencer
community. Cohort specific influencers with track record of high
ROI delivery will rise above the rest in the years to come.”

Suyash Dongare,
Digital Marketing Head, VIP

70 Annual Research Report 2023-24

Brand Adoption
of Influencer Marketing

The rise of influencer marketing in India is emblematic of a paradigm shift in

the marketing strategies of businesses, transcending size and industry. With a
dedicated allocation of budgets, companies are strategically partnering with
influencers to amplify their products and services through compelling narratives.
Beyond merely endorsing products, influencer marketing embodies a shift towards
co-creation, fostering a sense of co-ownership between brands and influencers.

Top spender categories in India Platform adoption of influencer

for influencer marketing marketing by brands

Annual Spends Across Industries in 2023 Platform-wise Adoption (% of Influencer Marketing

(% share) Spends)

47%
3.2% Instagram
Retail
8%
2.0% 26% Facebook
3.9% Telecom YouTube
M&E 10%
Twitter

27.0%
5.1%
eCom
Pharma

6.0%
Education

6.4%
BFSI
20.0%
6.7% FMCG
Auto 2%
Homegrown Short-
6%
video Platforms
9.1% (like Moj, Chingari, LinkedIn
10.6% MX TakaTak)
Others
FMCD

Kofluence Estimates I Based on Desk Research, Expert Discussions and Industry Analysis

Annual Research Report 2023-24 71

Understanding the
Audience Landscape
Social media audiences have transformed from passive consumers to active communicators,
forming communities around shared interests. While both audiences and communities involve social
connections, communities go beyond shared experiences to involve collaboration and various
activities. Social media platforms are adapting to these shifts, developing features that cater to
diverse user interactions, mirroring real-life dynamics and providing spaces for both collective
experiences and collaborative engagement.

Demographic Shifts: Who is the

Modern Follower?
Demographic shifts are observable across
various dimensions, encompassing age,
gender, geographical location and socio-
economic factors. The modern follower is
characterised by diverse interests, influenced
by rapidly changing trends and digital
platforms that shape their online experiences.
This demographic evolution is particularly
evident in embracing new communication
channels, such as short-form video content,
interactive platforms and immersive
storytelling. Moreover, the modern follower is
an active participant in the content creation
and consumption process. With the rise
of user-generated content, the distinction
between creators and followers blurs,
fostering a more engaged and interconnected
digital community.

72 Annual Research Report 2023-24

Brands’ Corner: Insights Backed by Survey Findings

Budgeting for Influence

2.6%
2.6% More than 75%
Over 80% of brand marketers spend 45-60%
up to 30% of their marketing budgets
on influencer marketing.
2.6% 5.1%

60-75% 30-45%

Nearly 40% of those surveyed reported

46.2%
allocating 15-30% of their budget toward 41%
Less than 15%
influencer marketing, while 5% of respondents 15-30%
spent between 30-45% and 3% spent 60-75%.
This diversity in spending patterns implies that
while many brands are actively incorporating
influencers into their marketing strategies, the
depth of investment varies. Brand’s spending
on influencer marketing, although at its infant
stage, is seeing a steady increase with up to
30% of their marketing budget on improving
their social media presence.

Preferred Social Media Platforms

for Influencer Marketing

Instagram and YouTube take the top

spots as the preferred social media
platforms for 75% of brand marketers.

14% of respondents utilise LinkedIn for

influencer marketing. Meanwhile, Facebook 5% 6.3% 13.6% 37.5% 37.5%
is the preferred platform for 7% of the Twitter Facebook LinkedIn YouTube Instagram
participants, followed by X (formerly known
as Twitter) for 5% of the respondents.
Instagram and YouTube remain the top
picks for brands to help creators monetise.
While Instagram and YouTube maintain their
stronghold, the evolving nature of influencer
marketing is evident in the growing popularity
of alternative platforms. The emergence of
LinkedIn, Facebook, and X as viable choices
signifies a broader shift towards a multi-
platform approach.

Annual Research Report 2023-24 73

 Preferred Content Formats for Preferred Influencer Category for
Influencer Campaigns Influencer Campaigns

Short-form videos are the go-to Mid-tier and micro-influencers excel at

format for more than 32% of our collaborative comfort, with a total of
respondents. 70% of brands preferring them.

32.3% 100k-500k 10k-100k 1M+ 500k-1M Upto 10k

Short-form
video

19.4%
Long-form
Video
16.1%
Images

15.1% 5.4%
Story Text-based
Content Content

6.5%
Blogs 4.3%
GIFs and
Memes
1.1%
Audio

In the era of rapid-scrolling behaviours

and mobile-centric interactions, short-form
content stands out as a preferred method
for conveying brand messages. Its popularity
can be attributed to root its effectiveness in
catering to shorter attention spans, providing Their larger yet manageable follower base
a concise and engaging communication allows for a broader reach, striking a balance
approach. Following closely behind is long- that appeals to brand marketers seeking
form content at 19.4% and static image both visibility and a genuine connection.
content, favoured by 16% of marketers. Story Impactful mega-influencers are chosen as the
content comes next with 15% of marketers most preferred influencer category by 17%
preferring it. Blogs were the preferred content of brand marketers, with macro-influencers
type for 7% of respondents, while text-based trailing right behind at 11%. 3% of respondents
content and GIFs and Memes were preferred prefer nano-influencers for their campaigns.
by 5% and 4% of respondents, respectively. Trustworthiness and authenticity are the key
Audio-format content was the least preferred, features of micro and mid-tier influencers
with only 1% of marketers choosing it. which also reflect what brands focus on.

74 Annual Research Report 2023-24

 The Business Case for Influencer Preferred Method of Executing
Marketing Influencer Campaigns

50% of brand marketers focus on Agency partners and platforms:

authenticity and social proof as the preferred method of campaign
the two main reasons to choose execution for 67% of respondents.
influencer marketing

66.7%
33.3%
13.9% With the help of
With an in-
25% Agency
Others house team
Establishing
social proof
8.3%
Cost- 19.4%
effectiveness
Influencer impact
purchase

8.3%
Greater ROI 25%
Authenticity and
trustworthiness
of influencer

While agencies and influencer marketing

platforms stay at the top, 33% of
respondents prefer executing influencer
marketing campaigns with an in-house team.

19% of brands feel that influencers impact

purchase decisions, while 14% feel influencer
marketing gives greater ROI. Finally, at 8%
brands choose influencer marketing for its
cost-effectiveness.

Annual Research Report 2023-24 75

Challenges
and Risks
in Influencer Marketing

Navigating influencer collaborations poses diverse challenges for brands, encompassing the
prevalence of counterfeit influencers, content relevance, and the elusive nature of standardised
metrics for campaign success measurement. Striking a delicate balance between genuine
connections and numerical metrics, brands must address the ongoing challenge of aligning
influencers with their values, requiring the thoughtful deployment of influencer tracking tools.
Overcoming audience scepticism and enhancing engagement underscores the nuanced landscape
of influencer marketing, where fostering authenticity and ensuring effective communication is pivotal
for mutually beneficial outcomes. Brands and influencers may face challenges they would like to
overcome to improve their experience in influencer marketing. Understanding and addressing these
issues may help in more fruitful collaborations.

For Brands

Lack of price standardisation, inability to measure ROI and finding the right
influencers - The 3 biggest challenges faced by over 64% of brands.

10% of respondents attribute difficulties 9% of respondents confront the challenge

to a lack of knowledge about market-level of high turnaround time for executing
insights due to inadequate understanding campaigns since traditional agencies
of what customers want or what’s usually take longer to manage campaigns
happening in the market. especially during busy seasons, making it
hard to keep up with business demands.
7% still rely on manual marketing aids for
operational methods. Using hands-on 6% face challenges in executing only small-
tools for marketing instead of efficient scale campaigns. Most brands stick to small
automated solutions, slowing down advertising efforts and hence cannot reach
processes. a larger audience.

76 Annual Research Report 2023-24

 ROI Lack of knowledge
cannot be of market-level Use of manual
measured insights marketing aids Others
Finding Executing only
Lack of price the right High turnaround small-scale
standardisation influencers time campaigns

Annual Research Report 2023-24 77

 For Content Creators

6.5%
8.7%
9.6% 9.6%

Resources or Others
Infrastructure
16.5%
18%

Coping with
Online Criticism
Lack of
Knowledge

Knowing how
to Monetise

Finding Time for

Content Creation 30.9%

Growing an
Audience

Growing an audience and finding time to create content are the major
hurdles for almost 50% of creators.

Monetisation or figuring out how to make In the dynamic world of social media,
money through brand collabs, especially influencers often find themselves subject to
due to lack of standardised pricing is a online criticism, a challenge that demands
hurdle for 17% of influencers. strategic and thoughtful responses.
Approximately 7% of influencers
10% of creators face challenges due to lack
acknowledge the difficulty in managing
of knowledge or resources that help them
professional online criticism effectively.
to make best use of their social influence.

These challenges are intrinsic to the fluid nature of the digital space, where intense competition,
evolving revenue models, and perpetual public scrutiny demand a fusion of creativity, adaptability,
emotional resilience, and continuous education for sustained success. The range of challenges
that influencers encounter highlights the importance of upskilling and gaining greater experience in
influencer marketing. By doing so, they can collaborate more effectively to resolve these challenges
and be better prepared to tackle any future obstacles proactively.

78 Annual Research Report 2023-24

AI and
Technology’s
Game-changing Role in
Influencer Marketing
AI and technology are pivotal in transforming
modern marketing, especially in influencer
marketing. AI-powered platforms provide
data-driven insights and automation tools,
revolutionising how brands engage with
influencers. This infusion of technology helps
brands identify relevant influencers, create
authentic content and precisely measure
campaign impact for accurate analytics, redefining
the effectiveness of influencer collaborations.

AI-enhanced Influencer Matching: ROI Tracking and Performance Analysis:

AI analyses demographics and authenticity, AI in influencer platforms provides advanced

seamlessly aligning influencers with tools for tracking ROI, forecasting outcomes,
brand needs for efficient and strategic and dynamically adjusting strategies for
collaborations. optimal campaign performance.

Predictive Insights for Future Content Amplification through

Performance: Augmented Reality (AR)
AI, especially with natural language Influencers use AR for interactive content,
processing, enables accurate prediction of an such as virtual try-ons or augmented product
influencer’s alignment with brand objectives, demos, creating a unique and shareable
reducing trial-and-error in influencer selection connection with their audience. This enhances
and forecasting changes in influence over the user experience and amplifies the reach of
time. influencer campaigns as AR content is often
widely shared.
Blockchain Technology
Social Commerce Integration
Blockchain technology enhances influencer
and Personalisation
marketing transparency by establishing an
immutable record of performance metrics Social commerce integration blurs the lines
and payments. Its decentralised nature between influencer content and purchase
reduces the risk of errors and fraud, while opportunities, offering a seamless shopping
smart contracts automate payments, ensuring experience directly from influencer posts.
timely and accurate compensation. Personalisation through technology enables
marketers to target specialised populations,
with micro-influencers becoming increasingly
valuable for reaching specific demographics.

80 Annual Research Report 2023-24

 Core Use-cases of Technology in Influencer Marketing

Influencer Influencer Campaign Campaign Learning and

Discovery Vetting Management Scaling Feedback

Finding influencers in Evaluating influencer Activating influencers, Coordinating, scaling, Analysing the
line with your campaign profiles for performance, managing campaign and reporting on your performance of your
objectives and budget audience alignment and workflows and influencer program across brand and competition
allocation brand fit reporting on campaign multiple geographies, among the influencers in
performance brands and teams your market

Traditional vs Tech-based IM: Can Influencer

Marketing Replace Traditional Marketing?
In marketing, influencer and traditional As the internet has grown, businesses
methods cater to different demographics. shifted from traditional methods to modern
Influencer marketing excels with younger, ones, such as social media and influencers.
digitally inclined audiences, utilising social While influencers leverage their following
media reach. Meanwhile, traditional methods for targeted promotions, some argue for
like TV commercials remain effective for the ongoing relevance of mass-reaching
older demographics. A balanced strategy, as traditional methods like TV commercials.
seen with Samsung and Apple, incorporates Businesses must weigh options, balancing
both approaches, employing billboards and individual influencer relationships with
influencer marketing. broader reach for a comprehensive marketing
strategy.

Annual Research Report 2023-24 81

The Collaborative
Shift: Tech Platforms as
Catalysts
The relationship between influencers and
brands is undergoing a transformative
shift, driven by technology platforms.
This evolution is reshaping marketing and
fostering innovative collaborations that
leverage online platforms. Influencers and
brands are increasingly reliant on technology
to orchestrate and amplify partnerships.
This intersection of influencer marketing
and technology is not just a trend but a
fundamental restructuring of how brands
engage with their target audiences,
profoundly impacting the modern marketing
ecosystem.

AI-Powered Matching To identify impactful influencers beyond

subscriber numbers, aligning influencer
Algorithms: Precision in profiles with brand offerings and targeting the
right audience is crucial. AI-driven influencer
Partnerships marketing platforms are instrumental in
utilising multifaceted analysis, including
The key objective of influencer marketing location, genre, and content relevance to
platforms is to match the right influencer build comprehensive creator personas. This
with the right brand, a task now streamlined meticulous evaluation enhances influencer
through technology. By leveraging AI, brands selection precision, streamlining collaborations
can efficiently identify influencers aligned with between brands and influencers for optimal
their values and target audience and ensure reach and audience response.
that brand messages are effectively delivered
to the intended audience through influencers
who authentically resonate with them.

82 Annual Research Report 2023-24

Negotiation and Real-time Campaign
Contract Management Briefing Platforms
Tools Real-time campaign briefing platforms
play a crucial role in ensuring the prompt
Once the ideal influencers for the brand exchange of vital information, updates
have been identified, it’s crucial to handle and expectations, fostering a collaborative
the business-related aspects of collaborating environment between brands and influencers.
with them effectively. A reliable and secure By facilitating the instantaneous sharing of
contractual platform should be employed to nuanced details, they contribute to improved
ensure the protection of brands and maintain clarity in brand expectations and streamlined
a healthy relationship with influencers. This communication processes. This not only
will help avoid any unforeseen changes, enhances the success of influencer marketing
mismanagement, misunderstandings, or other campaigns but also strengthens the overall
similar issues that may arise. partnership between brands and influencers.

In business, contracts are vital for establishing Campaign briefing platforms also serve
legal frameworks, but crafting them can be as centralised spaces for brands to
complex. AI influencer marketing platforms communicate expectations and campaign
automate contract processes, optimising objectives. Influencers can instantly access
negotiations for brands. AI’s analytical power this information, fostering a comprehensive
enables data-driven decisions, improving understanding of the brand’s vision. This
precision and transparency. This automation clarity streamlines the creative process,
ensures secure and efficient influencer minimises misunderstandings and ensures
collaborations, mitigating legal risks. It also seamless alignment between influencers and
ensures comprehensive, fair and compliant the brand’s ethos.
agreements, saving time and minimising the
risk of disputes. By addressing pitfalls in
influencer marketing agreements, AI promotes
fairness and transparency, safeguarding
brands and ensuring just compensation for
influencers’ contributions.

“AI and tech are transforming influencer

marketing for the better, prompting us
to wonder: in a world of algorithms and
automation, what endless possibilities
await?”
- Arittra Kar
Senior Marketer, Kofluence

Annual Research Report 2023-24 83

Analytics and Social Listening
Reporting Tools for Platforms:
Influencer Success Understanding Brand
The ability to gauge and understand the
impact of collaborations is pivotal for refining
Sentiment
strategies and achieving tangible results. Social listening aids in tailoring marketing
Analytics and reporting tools tailored for strategies, collecting competitor data
influencer marketing offer a sophisticated for informed decision-making, assessing
lens through which brands can measure the customer experiences, and pre-emptively
performance of their influencer campaigns, addressing potential PR crises. Additionally,
turning surface-level metrics into insightful it fosters collaboration, uncovering
data points. These tools delve into nuanced opportunities to engage with other brands or
data points, including audience demographics, influencers, amplifying reach and enhancing
engagement rates, conversion tracking, and brand credibility.
reach, allowing brands to gauge the real
impact an influencer collaboration has on their Through meticulous analysis of audience
target audience. reactions and sentiments, these platforms
empower brands to refine influencer
Analytics and reporting tools that provide strategies, ensuring that partnerships
insights, ranging from peak engagement resonate authentically with the target
times to content preferences within audience. Furthermore, the pivotal role of
demographics, serve as a foundation for social listening platforms extends to the
refining influencer strategies. These tools act monitoring and management of influencer
as a compass, guiding brands and influencers reputation. By tracking online conversations,
toward strategies that maximise impact and mentions, and sentiments, brands gain real-
resonance. time insights, facilitating proactive reputation
management and strategic alignment with
Payment and Invoicing influencers whose values positively resonate
with the audience, thereby contributing to
Solutions for Influencers favourable brand perception.

In influencer marketing, timely compensation

is not only a matter of professional courtesy
but also a crucial factor in sustaining positive
partnerships. Recognising this, payment
and invoicing solutions have emerged
as integral tools, providing a structured
and secure framework for brands and
influencers to navigate their financial
transactions seamlessly. Payment and
invoicing solutions have become integral,
streamlining the compensation process and
ensuring influencers are promptly paid for
their services. These platforms offer user-
friendly interfaces with automation features,
minimising errors and delays, thus enhancing
efficiency. The inclusion of secure payment
gateways further reinforces financial integrity
and confidentiality, fostering a trustworthy
environment for both brands and influencers.

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In the Think Tank:
Expert Insights
and Musings

“The year 2024 is poised to witness transformative shifts

and noteworthy trends. As social platforms continue to burgeon,
a substantial uptick in influencer collaborations is anticipated. Data-
driven strategies will take centre stage, with a surge in influencer campaigns
utilising analytics to enhance targeting precision. The rise of micro-influencers,
constituting nearly 40% of the influencer market share, will redefine authenticity
and engagement dynamics, creating a paradigm where genuine connections with
niche audiences drive impact.

Furthermore, one can estimate that the amalgamation of AI, augmented reality and CGI
in content creation will at least soar by 20-25%, reshaping the narrative of immersive
influencer experiences. In this dynamic milieu, agility and adaptability will be paramount
for brands and influencers alike, fostering an environment where innovation and strategic
foresight become indispensable elements of a successful influencer marketing playbook.”

Priyadarshi Banerjee,
Former VP, Business
Development, Kofluence

Annual Research Report 2023-24 85

Emerging Trends and Innovations in Influencers are now converting their videos
Influencer Marketing into other regional languages to get more
viewership. Mr. Beast who has a followership
The influencer marketing landscape is of 225M is one such influencer who is using
constantly evolving, with new trends and this technology. He even started his Hindi
innovations emerging all the time. channel with this technology. The Cadbury
ad featuring Shah Rukh Khan where they
Some of the emerging trends we are noticing utilised machine learning to understand his
are in the areas of category. While makeup, facial features and made it mention the local
beauty, lifestyle, etc are categories that have Khirana names is another example.
been constantly growing, we have seen new
verticals emerging in this space, for example; Leveraging Data Insights for Talent
real estate. The real estate market is one Selection and Campaign Success
area that has embraced influencer marketing
with great success by: Some of the data points we leverage while
choosing our talent/influencers are:
Real estate agents being influencers
themselves: across the country, we are We analyse the influencer content with a
seeing real estate agents who showcase focus on their created Intellectual Property
properties, even in small towns like Wayanad (IP) and community engagement. For
in Kerala, for sale. These are emerging new example, if an influencer is creating recurring
nano and micro-influencers. themed content around sarees, then there
Partnering with lifestyle influencers: With is a community that is following them for the
these influencers they showcase the lifestyle sarees and hence it is easier to reach out
of living in a certain area or property, to a saree brand that wants collaboration.
appealing to potential buyers looking for Therefore, this can be a powerful strategy
more than just square footage. for both the influencer and brands seeking to
Virtual tours and open houses: Live reach specific audiences.
video tours are hosted by influencers
giving potential buyers a more immersive We analyse the influencer’s past content
experience of a property, even if they can’t performance related to the brand’s niche
visit it in person. or industry and uncover valuable insights.
For example; Has the influencer created
Another fascinating trend is counter- successful campaigns in this space before?
intuitive influencer marketing, where brands What type of content resonates best with
turn negative reviews from influencers their audience? This data helps predict
into unexpected collaborations. It’s about campaign performance and tailor content for
embracing transparency and turning a maximum impact.
potential crisis into a positive PR opportunity.
This helps build trust and helps humanise We try to understand the overall sentiment
the brand. An example of this is how Lays surrounding the influencer and their content.
took a negative review and turned it around. For example: Are they associated with
Another example is the Bournvita video. positive brand values? Do they have a history
of controversy or negative associations? This
As for innovations, we are seeing a lot of analysis ensures brand safety and protects
innovation with respect to AI voiceovers. against potential risks.
These AI-generated voices can be used to Apart from analysing the influencers’
create narrated content, such as product demographics, we also look into
reviews and explainer videos, without the psychographic data, delving into values,
need for a human voiceover artist. This lifestyles and online behaviour, providing
can save time and money for brands and even deeper insights for a hyper-targeted
influencers and it can also create a more approach.
consistent and professional sound.

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Engagement rates, comments, shares, and Authenticity: We seek influencers whose
clicks tell a far richer story than follower personal values and brand message resonate
count. We focus on genuine engagement authentically with their audience. A mismatch
metrics which reveal influencers who actively can lead to a disengaged audience and
interact with their audience, fostering a more negative brand perception. Also, it should be
authentic and impactful brand message a mutually rewarding experience for both the
delivery. We believe that this method of brand and the creator.
data-driven influencer selection leads to more
impactful and targeted campaigns, maximising Content Customisation and Creative Freedom:
reach, engagement, and ultimately, While allowing creative freedom, ensure
conversions. influencer content aligns with the brand’s
tone of voice, visual identity and core values.
Customising Influencer Collaborations for We also encourage collaboration between
Diverse Brand Requirements influencers and brands to develop authentic
and engaging content that resonates with the
I believe that the beauty of influencer target audience.
marketing lies in its flexibility. Here’s how we
customise influencer-brand collaborations: Performance Measurement: Once the
campaign is done, we monitor reach,
Understanding Brand Goals: The initial step engagement, etc. and sentiment analysis
towards comprehending brand objectives to assess campaign performance and
is to determine the brand’s purpose by identify areas for improvement. We also
considering whether its focus is on brand try to cultivate long-term relationships with
awareness or reach, whether its goal is to successful influencers to build brand loyalty
establish itself as a thought leader in the and leverage their established audience trust
industry, and so forth. for future campaigns with these brands. This
Understanding Brand Communication: We includes long-term collaborations as well as
analyse what the brand has been doing one-off product launch campaigns as well.
across platforms, what its tone is and what
it intends to communicate which helps work
with the right set of influencers.
Niche vs. General Appeal: Depending on
Ankit Panicker,
the brand’s target audience, we choose AVP, Clout Pocket Aces
influencers with either a highly engaged niche
following or a broader reach across diverse
demographics.

Annual Research Report 2023-24 87

Tech Innovations
and Influencer Marketing

Web 3.0 transactions, along with an emphasis on

enhanced interoperability, the semantic web
Web 3.0, often denoted as the third iteration for machine-comprehensible data, AI-driven
of the internet, delineates a visionary shift personalisation, user empowerment in data
towards decentralisation and blockchain governance, and a steadfast commitment to
integration. It foresees a landscape bolstering security and privacy standards.
where data ownership is decentralised, This emergent framework seeks to
platform interoperability is seamless and redefine digital interactions and services by
applications exhibit heightened intelligence diverging from centralised models, affording
and contextual awareness. Central to this users greater autonomy and fostering
paradigm are blockchain technologies, an integrated and personalised online
ensuring secure and transparent experience.

Annual Research Report 2023-24 89

“In the post-millennium era, the adage “Change AI, ML, and the Next Frontier
is the only constant” holds true, especially in
the context of the transformative influence The landscape of influencer marketing
of the Internet on global functioning. As is in a constant state of evolution, with
technology evolves, the internet is undergoing technological advancements taking centre
a significant shift with the introduction of Web3. stage in shaping the dynamics of brand-
According to Metav.rs, by 2030, Web3 will have influencer collaborations. Recent years
reached a market size of $81.5 billion. Referred have seen the emergence of Artificial
to as the semantic web, Web3 is marked Intelligence (AI) and Machine Learning (ML)
by decentralisation, ubiquity, and a three- as key players in this revolution, ushering in
dimensional structure, playing a substantial role a new era of precision and efficiency. This
in shaping the dynamics of the creator economy. exploration seeks to examine the profound
The creator economy places high value on impact of AI and ML on influencer marketing,
individuality and self-expression, while Web3 unraveling the next frontier in this dynamic
prioritises decentralisation and autonomy. Its space and highlighting its implications for
amalgamation has the potential to provide new businesses and academics alike.
opportunities for creators to connect with their
target audience and monetise their content. Synthetic Media

The unfolding months will serve as a litmus Synthetic media, facilitated by artificial
test to determine whether these technologies intelligence, involves the generation and
will genuinely elevate creativity and provide manipulation of diverse media formats,
effective solutions for marketers, or if they will including images, videos, audio, and text.
encounter challenges reminiscent of a “winter It harnesses advanced techniques such
of discontent” in the ever-evolving landscape of as deep learning to produce content that
technology.” closely mimics human-created media.
Notably, applications like deepfakes
showcase both the creative potential
and ethical considerations associated
with synthetic media. While presenting
Sreeram Reddy Vanga,
CEO and Co-Founder of opportunities for innovative content creation
Kofluence, as quoted in and customisation, there are ongoing
CXOToday. discussions regarding ethical guidelines and
regulations to address concerns related to
potential misuse, particularly in the areas of
misinformation and privacy.

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Gen AI Immersive Gamification

Generative artificial intelligence (Gen AI) The integration of gamification techniques

represents a sophisticated form of artificial in marketing, wherein game elements
intelligence designed to emulate and are infused into non-game settings, has
perform a wide range of tasks across diverse evolved into immersive gamification. This
domains, mirroring the complexity of human approach goes beyond mere engagement
cognitive abilities. This advanced technology by creating more interactive experiences
holds tremendous promise in transforming for users. Notably, immersive gamification
various industries by offering heightened facilitates data collection, providing valuable
efficiency, innovation and problem-solving insights into consumer behaviour. With the
capabilities. Its versatility allows for incorporation of technologies like augmented
applications in fields such as healthcare, reality (AR) and virtual reality (VR), influencer
finance, manufacturing, and beyond, where marketing has embraced immersive
it can optimise processes and contribute to gamification. Platforms such as Snapchat and
unprecedented advancements. Instagram already feature branded filters,
and influencers are often compensated to
incorporate these filters into their posts.
This represents a thriving form of influencer
marketing in these spaces. While Snapchat
and Instagram have seen substantial
adoption, the realms of VR and AR influencer
marketing present untapped potential
for further growth and development. As
these technologies continue to advance,
influencers and marketers may explore new
dimensions of immersive and interactive
promotional strategies.

Annual Research Report 2023-24 91

#InsiderLens: Unplugging
the Future of Influence
Featuring exclusive quotes from our distinguished guests of Kofluence Unplugged, our new-age
podcast which brings in insights and perspectives from industry leaders in influencer marketing. Here
are the featured expert quotes sharing their thoughts on the future of influencer marketing, brand
partnerships, and the evolving landscape.

“AI is the game-changer in influencer marketing, elevating efficiency to new

heights and unlocking the potential for exponential growth in campaigns. It
paves the way for influencers to build sustainable careers by enhancing their
reach and impact. The future of influencer marketing lies in the scalability
that AI offers, allowing brands to seamlessly scale their presence from one to
thousands of creators through tech-based platforms.”

Vishal Krishna
Journalist, Founder, UpStreamLife Media

“In this era of content creation, diversity thrives – from humour to controversy,
there’s an audience for every flavour. The quest for fame and virality fuels
content creation, tapping into the innate human desire for attention. Creators,
in essence, provide ad space, allowing brands to convey their message.
Monetisation is more relevant than ever, yet only a fraction can seize it.
Agencies should bear the responsibility to educate and empower creators,
offering introductory courses on diverse avenues for monetising their valuable
content.”
Prateek Thakker
Brand Marketer, Diageo

“In B2B influencer marketing, the spotlight will increasingly shift towards micro-
influencers, recognising the value they bring beyond follower count. The key lies
in engaging with a quality audience. Looking ahead, AI is set to revolutionise
marketing, ensuring contextual communication by deciphering nuanced data
about a prospect’s system, industry, and browsing behaviour. The future
promises a personalised touch, tailoring messages and imagery to create
impactful connections in the B2B space.”
Sooraj Balakrishnan
Head of Marketing, Acer India

92 Annual Research Report 2023-24

 “In the influencer marketing game, while platforms have simplified picking
creators, there’s a pressing need for innovation in streamlining processes like
script approvals and providing real-time metrics. I envision a future where
collaborative platforms facilitate the needs of both brand marketers and
creators. This collaborative space not only enhances efficiency but also fosters
an environment where creativity and convenience converge, marking the next
phase in the trajectory of influencer marketing.”
Neha Bareja
Head - Social Media and
Influencer Marketing, Meesho

“I foresee a twofold evolution, not just limited to 2024. Private labels are gaining
prominence, with celebrities venturing into personal brands. The e-commerce
sector is also diving into this trend, establishing private labels with celebrity
endorsements. It’s a future that both intrigues and concerns me. What if
influencers started getting brand equity from smaller brands, from start-ups? So
it’s basically you promote them, you get a little part of investment in the brand,
and every time the brand grows, you grow multitudes with it.”

Bhagyashree Rewatkar
Director of Brand Marketing, Zoomcar

“Influencer marketing has become pivotal. Brands, amidst the market clutter,
find visibility through influencers on platforms like Instagram, providing a reach
traditional media may not. The power of 50 influencers championing a brand
amplifies its presence and accelerates sales. Influencers are finally getting their
due, and their role in driving brand visibility and sales is poised to grow even
further.”

Suman Prasad
Manager - Corporate Communication, TVS Motor

“Creators are our way to expand reach to thousands who follow them for
their diverse content. Venturing into micro and nano-influencers opens doors
to genuine user-generated content and platforms help connect you to the right
ones. Campaign success lies in offering creators freedom and a strategy that
resonates with their style of creation. Brands should aim for mutual growth in
the social space, forging authentic connections with creators who align with
their values and goals.”
Nihal Rustgi
Director, Growth and Marketing, Apna
Jobs

Note: These excerpts, sourced from episodes of the Kofluence Unplugged podcast, have been rephrased for representational purposes, ensuring fidelity to
the original content.

Annual Research Report 2023-24 93

Looking ahead, the landscape of influencer Yet, with these exciting possibilities come
marketing holds the promise of thrilling challenges. The ethical considerations of
transformations and unprecedented influencer marketing, such as transparency,
opportunities. The convergence of emerging authenticity, and the potential for
technologies is set to revolutionise how misinformation, demand careful navigation.
influencers connect with their audiences, with As the influence landscape evolves, so too
virtual reality, augmented reality, and artificial must the regulatory frameworks that govern
intelligence standing at the forefront of this it, ensuring a balance between innovation
revolution. and responsible practices.

The traditional dynamics between influencers In essence, peering into the future of
and brands are undergoing a massive influencer marketing is not just an exercise
transition. Beyond mere endorsements, the in forecasting trends but a journey into the
influencer-brand relationship is evolving heart of a cultural shift. While influence may
into a more symbiotic partnership, driven be borrowed, trust is the enduring currency
by shared values and authentic storytelling. that shapes successful, long-lasting brand-
This shift emphasises the importance of influencer partnerships.
meaningful connections and resonant
narratives, fostering a sense of trust and As influencers and brands navigate this
relatability among the audience. evolving terrain, success will hinge on a
delicate balance of authenticity, technological
Moreover, the democratisation of content integration and a nuanced comprehension of
creation continues to empower individuals the shifting needs of the modern consumer.
to become influencers in their own right,
diversifying the representation in the
digital space. From niche markets to global
platforms, the influencer ecosystem is
expanding, offering a myriad of voices and
perspectives.

Annual Research Report 2023-24 95

The Architects

Kofluence Marketing Team

Kumar Gyanendra, Head of Marketing

Arittra Kar, Senior Marketing Associate

Industry Experts Featured
Safwana P, Marketing Analyst
Sreeram Reddy Vanga, CEO and Co-Founder,
Saketh Janardhana, Marketing Trainee Kofluence

Rajnish Kumar, Graphic Design Associate Ritesh Ujjwal, Co-Founder, Kofluence

Priyadarshi Banerjee, VP, Business

Development, Kofluence
Kofluence Business Intelligence
Team Ankit Panicker, AVP, Clout Pocket Aces

Santosh Kumar, Technical Architect Manisha Kapoor, CEO and Secretary General,
ASCI
Rishabh Somaiah, Business Intelligence
Leepakshi Nagrath, Ex Brand Marketing
Sambit Mohanty, Business Intelligence Manager, Domino’s

Poornashree Manjunath, Head of Public

Creators Featured Relations, Stovekraft

Rubina Dilaik Suyash Dongare, Digital Marketing Head, VIP

Mahima Chaudhry Abhijit Ghosh, Brand Communications and

Influencer Marketing Lead, Meesho
Kiku Sharda
Gautham Narayan, Senior Manager TVS
Mansi Srivastava Raider

Aparna Dixit

Jordindian

Annual Research Report 2023-24 97

The Glossary
5 CAGR - Compound Annual Growth Rate.

5Ws - When, Where, What, Why, Who. Conversion - Turning potential customers
into actual buyers or getting them to take
a desired action, like making a purchase or
A signing up for a newsletter.

AI - Artificial Intelligence.

Algorithm - In social media, algorithms are

D
rules, signals, and data that govern the
Deepfake - An image or recording that has
platform’s operation. These algorithms
been convincingly altered and manipulated
determine how content is filtered, ranked,
to misrepresent someone as doing or saying
selected, and recommended to users. In
something that was not actually done or said.
some ways, algorithms influence our choices
and what we see on social media.
Disclosure - A disclosure indicates that
the reviewer or influencer maintains a
AR - Augmented Reality.
relationship with the advertiser.
Acquisition - Gaining a desired outcome
or new customers for a product or service E
through various sales techniques.
Emblematic - Symbolic.
B
Ethos - The distinguishing character,
sentiment, moral nature, or guiding beliefs of
Blockchain Technology - Method of
a person, group, or institution.
recording information that makes it
impossible or difficult for the system to be
changed, hacked, or manipulated. F

BFSI - Banking, Financial Services and FMCG - Fast-moving Consumer Goods.

Insurance.
FMCD - Fast-moving Consumer Durables.
Blackbox - A system or process where users
don’t fully understand how it works or the Funnel - In marketing and sales, it is a model
specific steps it takes to produce results. used to represent a customer’s journey from
awareness to purchase.
C
G
Cohort - A group of people who support a
particular person, usually a leader. Gamification - Process of incorporating
elements of game design and mechanics into
Confluence - A coming or flowing together, non-game contexts to engage and motivate
meeting, or gathering at one point. people to participate and achieve specific
objectives.
Counterfeit Influencers - Fake influencers, or
social media users who, by all appearances,
seem like influencers.

98 Annual Research Report 2023-24

H R
Halo Effect - The tendency of a single Ripple Effect - In social media, it’s the
positive trait to influence a person’s process in which a single piece of content
impression of a whole. – a post, image, or video – can trigger a
sequence of engagement, sharing, and
I interaction, similar to dropping a pebble into
a pond and watching the concentric waves
IM - Influencer Marketing. spread outward.

Roscoe “Fatty” Arbuckle - American silent

L film actor, director, and screenwriter (1887–
1933).
Litmus Test - In marketing, it refers to
a measure or evaluation that is used to
Rub-off Effect - To become part of a
determine the effectiveness or success of a
person’s character as a result of that person
particular marketing strategy or campaign.
spending time with somebody who has those
qualities, etc.
M
ROI - Return on Investment.
Merriam-Webster - English language
dictionaries from the early 19th century.
S
Mirroring - Rapport-building strategy of
mimicking specific behavioural characteristics Semantic Web - A proposed development
of potential customers to foster a feeling of of the World Wide Web in which data in web
trust. pages is structured and tagged in such a way
that it can be read directly by computers.
M&E - Media and Entertainment.
SFVC - Short Form Video Content.
Monetisation - Making money from
something, like a website, app, or content, by Splurge - Spend (money) freely or
turning it into a source of revenue. extravagantly.

Surface-level Metrics - Data that is easy

N to collect and track but doesn’t provide a
meaningful picture of the business.
Niche - A specialised segment of the market
for a particular kind of product or service.
T
Non-kin - Individuals who are not biologically
related or members of the same family. TG - Target Group.

TRAI - Telecom Regulatory Authority of India.

P
Pharma - Pharmaceuticals. U
Ubiquitous - Present, appearing, or found
everywhere.

URL - Short for Uniform Resource Locator. It

is the address of a resource, which can be a
specific webpage or a file, on the internet.

Annual Research Report 2023-24 99

 About
Kofluence
Kofluence is a disruptive AI-powered Ad-tech influencer platform
that empowers both brands and content creators to capitalise on
the value of their social influence. We believe anyone can monetise
their social reach, given the right opportunities and enablement. Our
technology-driven marketplace seamlessly connects brands and
social users, enabling them to discover and curate collaborations
based on their preferences. With a robust community of over
650,000 creators collectively reaching over 6.5 billion individuals,
we are at the forefront of influencer marketing technologies. We are
Meta verified, certified by Forbes, and backed by industry veterans
such as Nikhil Kamath, Karan Johar, Kunal Shah, and Sujeet Kumar
among others.

100 Annual Research Report 2023-24

 THANK YOU
We extend our heartfelt gratitude for taking the time to explore our research
report on influencer marketing. We trust that the insights provided therein
have shed light on this tech-driven industry, which continues to expand
exponentially year after year.

This report serves as a comprehensive study for brand marketers in making

informed decisions regarding their marketing budgets and allocations.
Moreover, as you strategise your GTM (Go-To-Market) approach for the
future and endeavour to penetrate your TAM (Total Addressable Market),
we trust that the insights gleaned from our report will be instrumental.

We envision this contribution to the industry as an asset for brands, creators,

consumers, and all those intrigued by influencer marketing. We owe a debt
of gratitude to everyone who played a part in the creation of this project,
and especially to you, our esteemed readers, for your invaluable time and
interest.

Here’s to fostering meaningful change and continuous learning as we

progress together.

Thanks,

Kumar Gyanendra
Head of Marketing
Kofluence

www.kofluence.com

Annual Research Report 2023-24 101

Think Influence, Think Kofluence!
World’s largest AI-led influencing platform
www.kofluence.com