May 27, 2021: Let’s jump in because there is a lot of influencer marketing news to cover.
In today’s edition:
- Influencers see brand opportunities outside of traditional brand collabs
- Twitter is on the up and up
- TikTok partners with SiriusXM and Pandora
Hot off the Presses: Influencer Revenue Streams are Diversifying
eMarketer released a new report discussing influencer monetization in 2021. (Spoiler alert: we were featured in it!)
Give me the facts.
- In Volume 8 of Mavrck’s Influencer Insights & Research Report from April 2021, 80% of US influencers reported feeling the need to seek out alternative income opportunities
- 68% of influencers reported generating the most income for their business through brand collaborations
- Affiliate marketing was in a distant second place, cited by 9% of respondents, followed by ads (7%) and selling professional services (7%)
You can check out the rest of our report here.
So, WTF does this mean and why should I care?
While brand partnerships are still the primary revenue stream for most creators, a growing number of influencers are also earning money through alternative means such as affiliate marketing, sales of physical or digital products, and ads. This shift is not only allowing influencers to make content creation their full-time job, but allowing brands to diversify their influencer marketing methods.
How else can influencers monetize?
Numerous platforms have integrated tipping and subscription options for creators to directly monetize their communities: Clubhouse and Spotify are just two examples. Why have it built right into the software? Well, if you don’t, creators will use platforms like Split that allows creators to share an affiliate link in which the consumer receives cash back after clicking the link (A.K.A. incentivizing shoppers and creating the ultimate win-win.)
Let’s talk about influencer-to-consumer revenue streams…
It’s no secret that influencer marketing is one key for any successful brand, but what if influencers are the brand? eMarketer states that marketers should see these creators’ influence in the market as proof that they can drive sales and other bottom-funnel behaviors. If you can’t beat them, join them! Want to learn more about influencer-to-consumer brands? Click here for our Influencer-to-Consumer Brand Index Report.
And let’s not forget… gigfluencers
During the pandemic we’ve seen a rise of “gigfluencers.” These are people that found themselves with more time on their hands and began influencing as a side gig. One study found that 53% of all first-time influencers during the pandemic were already employed. These gigfluencers don’t use social media as their primary source of income and are more diverse than the traditional full-time influencers.
Platforms are doing everything they can to compete for creator attention and in turn, are attempting to make it easier for creators to monetize. Why, you ask? Where the happy creators are, the users will follow! In the past few years, we have seen a rise in creator funds and monetization to make this happen (case in point: TikTok.) Creators are entrepreneurs and should be treated as such. They need to diversify their revenue streams and approach their livelihood in smart and practical ways. In addition to launching their own brands, creators are taking advantage of passive revenue streams (*cough cough* affiliate marketing.)
Twitter Is On a Roll
Twitter has launched new advertising opportunities amidst numerous platform updates and acquisitions.
About a year after Twitter revamped its ads server to more easily support additional products, it has also launched new advertising features. These features include new preroll and sponsorship opportunities for its video ad product, Amplify, as well as overhauled its app installation and website clicks programs.
Twitter has also been launching features and acquiring companies left and right. Why? To keep up with the ever changing landscape that is social media. Twitter is providing new opportunities for creators and brands alike and it’s time to strike while the iron is hot.
Twitter is continuing to improve their Spaces tool. Quick reminder for those who forget – Spaces is their Clubhouse copy-cat (social audio). Users can now schedule their Space for later which also comes with notifications and reminders for hosts and listeners. Listeners can subscribe to a Space to get reminders when that Space goes live. Hosts can share the details of their upcoming session through a tweet or however they choose to share their unique URL for their scheduled Space (kind of like a Zoom link). This feature is a step in the right direction for user discovery.
Apply to verify
Twitter also relaunched its verification application process and explained that it wants to clear up any confusion, as requested by many users. Those who are currently verified but no longer fit the criteria will have their cherished blue check mark revoked.
The following categories are eligible for verification:
- Companies, brands and organizations
- News organizations and journalists
- Sports and gaming
- Activists, organizers, and other influential individuals
There’s a catch: your account must also be active within the last six months. More categories are in the works to be added to this list in the future.
Between the acquisition of Scroll, the numerous content deals they announced, monetization features, display updates, server updates, a new podcast, and the rapid growth of Spaces, they are doubling down on development. Now more than ever, it’s important to take Twitter into account when developing your influencer marketing strategy and see what the platform can offer to your brand. Check out our Twitter Influencer Marketing Guide for more tips and tricks.
I Guess Video Didn’t Kill the Radio Star…
Tiktok has partnered with SiriusXM and Pandora to create exclusive audio experiences.
TikTok Radio will now be a full-time channel on SiriusXM that is available in vehicles and as a streaming channel on the SiriusXM App, desktop, and all connected devices. This channel is meant to mimic the platform’s “For You” page filled with trending tracks, rising hits, and the stories behind the songs.
The Global Head of Music at TikTok explained that “TikTok is redefining the way that fans discover music and artists, while enabling a new form of musical engagement and creative expression. We are excited to work with SiriusXM … to make the trends, music, and creative influences that are playing such a defining role in modern culture even more accessible.”
Pandora is also launching a series of playlists created and hosted by top TikTok creators. The TikTok Tastemakers series will allow creators to take listeners through their favorite songs alongside commentary about their selections. The creators will be curating, hosting, and promoting the playlists to their fans on, you guessed it, TikTok. The series is kicking off with Bella Poarch who currently holds the record for TikTok that has the most likes with a whopping 49.3 million.
In the era of social audio, these partnerships are matches made in heaven. Music is integral to the TikTok experience and this partnership will benefit brands, creators, and users. Trends are created on TikTok, watch any award show in the last year and the majority of songs have risen to fame thanks to TikTok. TikTok celebrities transcend mainstream culture and this partnership allows them to continue to be the trendsetters and tastemakers that they are.
With the rise of audio streaming platforms, radio is a dying medium. It makes sense to partner with one of the most influential platforms to revive it. This collaboration will be the spot for Gen Z to extend their infatuation with TikTok. Tiktok continues to push the boundaries and come up with innovative partnerships and features. Every other platform is basically copying at this point in an effort to keep up.