(Cindy Ord/Getty Images)
Uh oh. There’s social media influencer treachery afoot, and this time, it’s being applied without regard to race, color, creed, religion, OR political affiliation! Yes, fine people of both the Republican AND Democrat persuasion are getting swindled, cheated, and gazumped (actual word) in equal parts!
Here’s What’s Happening:
According to a new report from Business of Fashion, influencer fraud is costing brands more than $1 billion a year.
The study, which was conducted by cybersecurity company Cheq and the University of Baltimore, states that influences who pay for fake followers or engagement will cost advertisers $1.3 billion USD this year alone. This number is also projected to grow to $1.5 billion USD by 2020.
The gist of the fraud is that “influencers” are purchasing fake followers and engagements (including likes and comments), causing brands to believe they are worth collaborating with. Marketers then spend big bucks to provide free trips, gifts and more for these “influences,” but don’t gain anything in return.
Social Swindle Fact: According to Mediakix, this year marketers will spend $8.5 billion on influencers alone.
Trigger Warning: The following information could prompt you to fall into a deep depression.
Celebrities like Kim Kardashian with a following of tens of millions can earn up to $300,000 a post, while other top fashion influencers earn around $12,000 per post.
For those looking to expand their social presence, influencers only need to spend $16 for 1000 followers on Instagram (or make a sex tape).
WIBC’s Tony Katz breaks down his view on social media influencers, this latest fraud, and fans engaging with HIS brand in the clip below.
