But just how lucrative are these endorsements…?
According to year-old data from Captiv8, a social media analytics platform, celebrities with 7M followers were able to charge an average of $300,000 for a single post on YouTube, $187,500 for a post on Facebook and $150,000 for a post on Instagram or Snapchat.
A Tweet came with a $60,000 price tag – a whopping $2,500 per character!
Many marketers see social media as the best channel to reach the millennial generation. Not only do social media offer significant reach, but they also provide an intimate connection to the lives of those who millennials aspire to be.
Placing products in the context of the everyday lives of the rich and famous is an even more powerful promotional strategy than traditional product placement in movies.