As influencer marketing is on the rise these days, especially on video-orientated platforms, Google’s YouTube announced on Tuesday that the company is updating its influencer market platform, FameBit. FameBit has now been rebranded as YouTube BrandConnect. YouTube describes it as a platform where brands as well as content creators can collaborate on branded content for YouTube’s platform.
Lori Sobel, BrandConnect global business head, and Henry Scott Green, YouTube BrandConnect product manager, stated in a blog post that the influencer marketing industry is expected to reach $15 billion by the year 2022. They cited data from Business Insider Intelligence report. According to Business Insider, this industry was worth $8 billion in 2019.
YouTube explained in the blog post that the company will continue to support and drive revenue to content creators. The company focuses on providing measurable campaigns for brands and reaching audiences with genuine and relevant content. They stated in the blog post that the company has developed unique and industry-first features with the company’s branded content platform to support these goals.
YouTube BrandConnect is open to content creators in the United States who have at least 25,000 subscribers. Eligible creators can assess insight-based matchmaking features. These tools lead to branded content deals. Green and Sobel stated in the blog post that the average deal size across the complete-service product has grown by more than 260% during the last two years.
With the new updates, brands will be able to