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India is expected to be the biggest base of content creators on social media in 2023, growing to over 100 million in the year ahead.
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The report comes just three months after another study by venture capitalist firm Kalaari Capital, which predicted that the nation would have at minimum 80 million creators by 2022.
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According to Zefmo's research, the influencer marketing industry is expected to hit Rs3000 crore by FY23-24.
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Micro-influencers revenue share will rise from 9% in FY 2022 to 14% by FY 2023-24.
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The report also pointed out that the compensation to influencers from brand-sponsored campaigns is increasing, and so is the duration of campaigns by themselves.
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The October report by Kalaari stated that around 1.5 lakh creators from India earned more than $200 per month.
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The Zefmo report revealed that YouTube and Instagram remain the top choice for influencers on social media.
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While YouTube represented 38 percent of the market share, Instagram accounted for 11 percent, followed by Twitter and Facebook with 6% and 9%, respectively.