There’s been a lot of talk recently about Instagram implementing changes to be more like tick-tock, but in reality, Facebook is the one that should be worried about TikTok. According to a new report, TikTok is now on track to surpass Facebook in influencer marketing spending this year and will overtake YouTube by 2024.
Right now, Instagram is on its way to three times the amount of influencer marketing spend compared to Tik Tok this year. Instagram looks at $2.23 billion, while TikTok is at only $774.8 million. While TikTok has been surging in popularity, Instagram still exceeds the platform in influencer marketing spend. In fact, Instagram is nearly double that of the second largest platform in marketing spend for influencers, and that’s YouTube at $948 million.