Factors like exclusivity, usage rights and the length of a campaign could bump up the price of an Instagram post.
The average price of a sponsored photo on Instagram has jumped from $134 (€122) in 2014 to $1,642 (€1490) in 2019, according to marketing firm Izea.
The company provided historical average transaction prices paid to micro-influencers – people with fewer than 100,000 followers – to celebrities for sponsored blog posts, Instagram posts, Facebook posts, Tweets, and YouTube videos, dating as far back as 2006.
They also found that:
- The average cost for a sponsored Instagram photo has risen by 44% from 2018 to 2019 alone.
- The average cost of a sponsored blog post has risen from $7.39 (€6.71) in 2006 to $1,442.27 (€1309.13) in 2019, an increase of 195 per cent.
- In 2019 YouTube videos command a premium of four times more than that of the next highest-priced form of sponsored content.
“In 2006 we created the very first influencer marketing platform with the launch of PayPerPost,” said Ted Murphy, Founder and CEO of IZEA. “Since then, we have completed over 3.8 million transactions in different formats across a variety of social media channels.
"The space transformed from an experimental component of online marketing to a multi-billion dollar industry with real budget dollars.”
Back in April 2018, the Advertising Standards Authority for Ireland (ASAI) released an FAQ on blogging designed to give bloggers, and those interested in the area, information about how our advertising code applies to blogging and some related activities.
It includes what constitutes marketed content and the code consequences of a blogger promoting products/services.
The latest report by the ASAI showed that 25 of the 27 complaints it received in September were upheld for breaches of the ASAI code.
Bloggers and social media influences like Ellie Kelly, Katie Moran and Gary Pineda were all rapped by the advertising watchdog for failing to indicate that their posts contained sponsored content or part of a brand ambassadorship.
In the case of a post by Katie Moran, the complainant took issue with a post which featured an image of a blogger modelling a makeup look she had created using Flormar products. A list of products used was provided along with the use of ‘#sp’ to denote it was a marketing communication.
Chief executive of the ASAI Orla Twomey said the latest volume of complaints showed its ability to handle complaints across a wide array of mediums - including social media.
"The ASAI is committed to protecting consumers in relation to advertising, – across all mediums – and our approach is to work with all advertisers to ultimately ensure that all marketing communications are legal, truthful, decent and honest," she said.
Main image by @majawyh