Influencer economy booms with Bolt at helm
Published:Wednesday | February 7, 2024 | 12:07 AMSteven Jackson/Senior Business Reporter
Jamaican influencers can average US$1,000 (J$155,000) per post online but retired sprinter Usain Bolt, with over 14 million followers, can generate 30 times that amount, according to estimates in a state-led publication.
Influencers are turning their posts into profit, according to the Planning Institute of Jamaica (PIOJ), which compiled the data as part of a wider novel people-focused approach to development.
The usual macroeconomic approach can hide activity in the streets or online.
The findings were listed in the appendix of the Growth Inducement Programme (GIP) research report 2023 by the state-led PIOJ.
The GIP report was described as the “newest publication” and linked in a press advisory for the launch of its Inclusive Growth Index Framework later this week at the PIOJ office in Kingston. That index will serve as a tool to refine Jamaica’s approach to economic growth.
The GIP report chapter on influencers was written by economist Kellie-Ann Murray and entitled ‘Economic Diversification through E-commerce’.
The chapter with details in the appendix uses an open-source formula from influencermarketinghub.com to calculate potential earnings per post.
The money calculator is an algorithm based on the type of content, followers, engagement per post, views, and so on. Consequently, the findings are estimates rather than actual figures.
“In 2022, the GIP surveyed the earning potential of 100 Jamaicans in the e-commerce landscape, over the Instagram, TikTok and YouTube social media platforms. Of the three, Instagram had the highest usage and with significant estimated earning per post,” according to the GIP report. “The number of followers ranged from 17,000 to 11 million and the earning potential per post was equally as varied, ranging from US$126 to US$37,000.”
The list of local influencers was not exhaustive, as many popular deejays and other celebrities with Jamaican heritage were not on the list. That said, those included on the list are familiar to many.
On Instagram (IG) the report listed a top 10 of sorts led by Bolt, Ding Dong, Fluffymisskitty, Shanzi.a, Deno Crazy, the Original TC, Rohan ‘Quite’ Perry, Shelly-Ann Frazer-Pryce, Prince Pine and Yendi Phillipps.
The appendix of the report indicated that Bolt, with followers over 14 million, can potentially earn between US$22,000 to US$37,000 per post on Instagram, compared to Ding Dong’s potential at US$2,300 to US$3,800.
Others in the top list can potentially generate from US$1,600 to US$2,000 per post on IG, according to the report.
On YouTube, the list included Bolt, Ding Dong, Miriam Samantha from It’s So Good, Ras Kitchen, Russhaine ‘Dutty’ Berry, Carey and Craig Smith from Baddie Twinz TV, Wayne Mitchell from Meet the Mitchells, Tovaughn Hamilton of Kyng Tavii, Rohan ‘Quite’ Perry, Tanaania Tracey, and Andre ‘Deno’ Dixon.
The report lists Bolt as potentially earning US$22,000 per post on YouTube and Ding Dong at potentially US$1,670. The others are potentially earning between US$150 to $600 per post, the report indicated.
Turning to TikTok, the personalities included Rajeen ‘Arjay’ Lawrence, Andre ‘Deno’ Dixon, Juliet ‘Julie Mango’ Bodley, Aamir ‘Bwoizy’ Cunningham, Keticia ‘TC’ Chatman, Kerry-Ann ‘Chiney K Pop Girl’ Collins, Rohan ‘Quite’ Perry, Basillia Cuff, Kedisha ‘Keddykure’ McLaughlin, and Wayne Marshall. These personalities can potentially earn between US$100 to US$200 per post.
Influencers form a new aspect to online commerce described in the report as involving social commerce and alternative media.
“The data suggest a good organic appetite for e-commerce in Jamaica that should be encouraged and facilitated,” stated the report.
E-commerce in Jamaica is projected to hit US$268 million (J$41.5 billion) by 2025, up from US$218 million in 2021, according to data from Statistica, an online analytics site.
Looking specifically at selling goods online, food and personal care dominate the sector.
“Recently, the National Commercial Bank reported over $110 million in transaction sales generated by approximately 800 local businesses utilising its e-commerce solutions. The data suggest a good organic appetite for e-commerce in Jamaica that should be encouraged and facilitated,” added the report.
The report, published in March 2023, remained largely unknown until announcements of the press conference later this week at the PIOJ office in Kingston.
“This report has been prepared using external sources, systems and other information believed to be accurate, complete and reliable at the time of preparation. However, the accuracy and completeness cannot be guaranteed. Therefore, we shall not be liable or responsible for any error or omission in this report,” stated the proviso in the report.
The objective of this report was to showcase and “encourage” the up-take of relevant opportunities, according to PIOJ director general Dr Wayne Henry in the preface of the report.
“A supportive, invigorated, diversified and modern business environment will significantly increase Jamaica’s ability to engender more robust and inclusive economic growth through improvements in key real sector, monetary and fiscal indicators.”
The economy hovers near full employment, but high-level skills are few in the workforce according to the PIOJ. This leads the bulk of the workforce to earn for consumption purposes without enough remaining for savings or investment. Consequently, e-commerce and social influencing can serve to augment income.