|We’ll start with the good news first- like we predicted; things are starting to look up for the community.
This week, we saw some campaigns by big brands like cure.fit and dominos, and these weren’t one of those exclusive campaigns with only the top influencers of the country taking part.
These saw participation from a lot of micro-influencers too, and our magic 8 ball tells us that there will be more such campaigns soon.
| While all that is well and good, have you thought about the long-term impact of Corona on the influencer community? Have you wondered if the industry is ever going to bounce back to its pre-corona state- a thriving ecosystem worth more than 1 billion dollars?
Well we have, and our guess is that it is not going to, anytime soon. It’s going to take a while! You’ve seen collaborations dry up yourself, and if that isn’t proof enough, get this – when a company loses money, the first thing it does is cut down its marketing spends. And companies are losing money BIG TIME. The economy is going to be in shambles, and it’ll only properly hit us when life starts to get back to normal. Some international influencers have been more open and transparent about the glum situation, we spoke to a few bloggers and they have admitted that revenue has decreased by 95% since January.
| What’s funny is that this would be the best time for brands to use influencer marketing- everyone is sitting at home glued to their phones, social media usage and engagement rates have gone up like crazy. Engagement on Facebook has gone up by 40%, and TikTok downloads have broken new records. What a sad paradox, no? But this isn’t necessarily a bad thing for everyone. The way we look at it, this can act as a much-needed cleanser of sorts. The industry was starting to get a bit saturated, and only those who have what it takes will survive the difficult times. So how is this really going to affect the community?
| Established influencers will probably have a few not-so-great months, but they will pull though with almost no scars. It’s not like there will be NO budget for influencer marketing, there will be very little, and those who have already proven themselves will get a big piece, if not almost all, of the cake. Full-time influencers still in the process of establishing themselves will be hit the hardest. Having no other source of revenue means struggling to make ends meet, and things don’t look great for the next few months. Few are even thinking ahead and shifting some eggs into a different basket, either using their experience from blogging/influencing or falling back to their education and degrees to make money. International travel blogger Amy Seder, for example, has started teaching photography online. Some might have the talent and willpower to get through this time and continue influencing, some might not be able to. Only time will tell. The 2 main motivating factors for this job (or any job, really) are that you either REALLY love what you do or you REALLY can’t live without the money. There are a whole bunch of influencers who just started out to make a quick buck on the side- they aren’t as passionate as the rest of us and they don’t really NEED the money. When something gets difficult and you have no real motivation to do that thing, you stop doing it. Simple. We feel like this chunk of the community will almost completely be wiped out.
Sounds a bit scary? That’s just our two cents. You are, of course, free to disagree.
Please do not let any of this discourage you, don’t accept defeat before the battle starts. Things might get difficult, but hey, The Black Fox is here for you, like it always has been. We’ll get through this together, one step at a time.
Keep creating, we’ll see you soon !!!