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By Hitarth Dadia
In the recent trend, influencer marketing has started taking over. The growth of influencer marketing is evident from a recent Business Insider Intelligence Report which cites that the industry is set to nearly double from $8 billion in 2019 to $15 billion by 2022. The influencers’ ability to stimulate both the auditory and visual senses while delivering a wealth of information in a short period are the key reasons driving their growth. Further, content creation is remarkably diverse in its application – entertainment, education, expressing opinion and product marketing. The creators provide voice to a brand with no agenda or ulterior motive.
Changes in the way music is consumed
With the evolving consumer behaviour and fundamental shift in the way music is consumed – from albums to singles to playlist, a significant change is happening in the way music is promoted. Content creators’ success not only comes from their creativity and skills of platform management but also their ability to build connections with followers. They have a strong presence on one or more platforms, share a special relationship with their followers and make them a part of their personal life by sharing unfiltered content – something people can relate to.
What contributes to content creators’ vast influence on the audience is that they don’t essentially promote brands alone; their focus is to promote a lifestyle. People usually look upon their favourite influencers for apparel choices, trending music or even places to visit for a vacation. This is why music labels are redesigning their marketing strategy and approaching social media influencers to let people know about their new launches. Now, while integrating songs into creators’ playlists, brands usually follow two ways. The first way is to talk about the song directly and the second method is to ask the influencer to plug in the song in their routine uploads.
Influencer marketing: The new soapbox for retail brands and music labels
According to Influencer Marketing Hub’s 2019 report, influencer platform agencies are growing exponentially – from 190 in 2015 to 335 in 2016, 420 in 2017, and 740 in 2018. Content creators are now dominating the inbound marketing landscape. From retail brands to music labels – every sector is redefining its marketing approach considering the developments in the way consumers consume content which is majorly influenced by Instagram reels, YouTube videos, live shows, online concerts and podcasts. Therefore, the rising popularity and influence of content creators don’t come as a surprise. As these creators are present on different social media channels and have a huge follower base, music labels are tapping on them to capitalise on the extreme growth market.
Any new music creation needs visibility to work and today, the most effective way to gain visibility for a product or service is through content creators on different platforms. Indeed, businesses are gaining impressive returns from influencer marketing, up to $18 in earned media value against every dollar spent, at an average of $5.20, according to a 2019 report of Influencer Marketing Hub.
The internet is flooded with examples of larger campaigns that have influencers involved in a brand’s online activity while winning the trust of the target audience by valuing their thoughts and opinions. As people lose trust and reliability in traditional advertising, content creators will continue to influence the marketing landscape of businesses across sectors.
Today, it is important for brands and music labels to leverage the power of influencer marketing to build and boost their brand’s image or raise awareness about their new creation.
The author is head of monetisation at NOFILTR Group. Views expressed are personal.