A new study from Kofluence highlights how social media influencers and content creators are remolding several businesses in India through the power of influencer marketing.

The report reveals that India’s influencer marketing industry will continue to grow rapidly. By 2028, over 80% of brands are expected to spend up to 30% of their marketing budgets on influencer collaborations. Total industry spending is projected to reach $2.8-3.5 billion during this period.

According to the research, this surge is being driven by the explosive popularity of creators who have cultivated niche, highly engaged audiences across platforms like Instagram, YouTube, and emerging apps. 

Brands are tapping into the authenticity and relatability of these digital stars and their potential to connect with consumers on a personal level, shaping their behavior and driving purchasing decisions.

The report found over two-thirds of Indian creators prioritize creative freedom and audience alignment when selecting brand deals. Kofluence’s team believes striking this balance of authenticity while achieving marketing objectives will be critical for successful influencer campaigns in 2024.

Data and analytics are also emerging as catalysts, with brands leveraging AI-powered tools to identify the right creators, optimize content strategy, and measure ROI through detailed audience insights and sentiment analysis. Creators who genuinely understand their followings will be in high demand.

Beyond influencer marketing, the creator economy is enabling a new wave of entrepreneurship. Creator platforms open new monetization avenues for those with content, skills, and audiences.

“In the years to come, the convergence of influencer marketing and the creator economy will continue to reshape the advertising industry, redefine traditional notions of celebrity, and empower individuals to monetize their passions in unprecedented ways,” the Kofluence analysis states. Read the full report here.