Emerging Influencer Market Platforms: TikTok & Podcast
According to the latest report, the global influencer marketing platform market is expected to grow at a CAGR of 30.6% in the upcoming years.
Since the last decade, many businesses are experiencing the potentiality of the influencer market. It has helped businesses to built trust with the loyal following of people. So when they talk about their business on influencer marketing platform there are higher chances that their followers will convert. For any new startups and business influencer marketing is a key to reach out to the audiences.
Social media is a push factor for influencers. Today, most of the businesses rely on the influencer market for their visibility. It a direct way to connect with the audience and built a large network of the following audiences. While Facebook, Instagram, Instagram are ruling the social media platform, Podcast and TikTok are the emerging platforms for influencer marketing.
Podcast – an audio platform
Businesses are using the podcast for several purposes from sharing new product launch, company information to general information related to the company. Podcasts, if it is used for a long time it helps the business to build their reputation, thus uplifting the customer base and increasing conversions.
According to the recent study, the podcast market is expected to earn a revenue of $1 billion by 2021. Many companies are willing to invest in the coming years observing growth. Spotify is planning to spend $500 million to acquire podcast-related acquisitions.
Also, startups are no way left behind in realizing the benefits of podcast advertising. Startups like Luminary and Himalaya have raised $100 million in venture capital for the Podcast. The Podcast market is inevitably growing and is expected to grow more in recent years.
TikTok – a video platform
One of the most popular apps, TikTok is an emerging influencer market platform for businesses. TikTok will be the next big thing in the influencer market. Still new to many people, it has proved to build highly engrossed and loyal audiences.
TikTok is now available in approximately 150 markets and 75 languages. As of June 2018, more than 500 million global users are active monthly on TikTok. It ranks the third most downloaded app with 188 new users in the first quarter of 2019. The users spend approximately 52 minutes per day on the app.
Recently, the World Economic Forum has adopted TikTok to update the audiences about recent developments and advancements in the world. Food giants like MacDonalds came up with #BigMacTikTok challenge engrossing more users to participate for rewards. Many other companies like Universal Picture, Coca-Cola, Google have worked with TitTok users to elevate brand awareness.
Tik Tok vs Podcast as a platform.
While the influencer market is growing, it is difficult to decide which platform is ruling the market.
|Reach||Users are usually between the age-group 18 and 44 years old.||Users are usually between the age-group 16 and 24 years old.|
|How does it impact?||When you want your audience to connect you on a personal level, sound enables the listener to hear the emotions behind your words.||The visual impact is more on the users. Because what we see we tend to remember more.|
|Why business should use?||Podcasting allows companies to tell their stories anytime and anywhere.||Many business organizations have started to use it to reach maximum audiences for brand awareness and promotions.|
|Scope for Business||The Podcast is a great tool for businesses to educate the specific target audience and can also introduce their schemes and policies. For example, if you are in finance, then you can provide tips on investments, risk, saving, etc.||TikTok is not as saturated as other social media platforms as it an emerging business tool. Hence, it has a wider scope for businesses to introduce themselves as a brand. For example, the hashtag challenge is the recent trend in TikTok.|
TikTok and Podcast are the booming influencer platforms. Tiktok allows users to create videos on any topic whereas podcast allows the user to create audios. Both are gaining importance in the business.
Time will tell which influencer marketing tool influences the market!