The news: As the influencer marketing landscape matures, the sector is maturing into a diverse space for brands and creators of varying sizes, according to data from Captiv8’s 2025 Affiliate Influencer Marketing report shared exclusively with EMARKETER.

Key takeaways:

• Don’t underestimate micro- and nano-influencers. Micro-influencers (those with 50,000 to 100,000 followers) established themselves as a sweet spot for brands, with conversion rates rising 46% YoY to 1.3%. Nano-influencers (under 50,000 followers) saw revenues per click jump 74%, more than any other tier, while average order value reached $193.
• Large-scale influencer conversion rates are improving thanks to ad standardization. Once considered infamously difficult to convert, macro-influencers (those with 500,000 or more followers) showed progress, as conversion rates jumped from 0.45% to 0.7%. Captiv8 credited better post-click pathing and other landing page parity improvements.
• TikTok has more affiliate volume, but Reels and Shorts have higher conversions. ByteDance’s short-form video platform had 262% more affiliate videos than Instagram Reels or YouTube Shorts, a reflection of its cultural prominence and reach. Reels affiliate posts dropped 38%—but revenue per click rose 42%. Meanwhile, Shorts boasted the highest likes-per-reach ratio for higher-cost sectors like beauty and tech.

The affiliate marketing picture: Influencer and affiliate marketing are not immune to the economic uncertainty affecting other ad sectors, but they have matured and cemented themselves as key channels for marketers—even during times of economic turmoil. We forecast that US sponsored content spending will pass $10 billion for the first time in 2025, even as growth slows.

• Captiv8’s report highlights that maturation. The once-bleak prospects of macro-influencer conversions have improved significantly, and influencers of varying follower sizes are proving useful for different strategies. That means the savviest brands can benefit from an array of partnerships across influencer ecosystems.
• Those improvements come as legacy advertising forces firmly plant themselves in the sector. Publicis—one of the “Big Four” ad agencies—announced earlier this month that it would acquire Captiv8. Other holding companies, including Big Four peer Omnicom and Horizon Media, are also deepening their investments in influencers.

Our take: Influencer and affiliate marketing are here to stay. Captiv8’s report shows that a one-size-fits-all approach isn’t the best way to engage influencer audiences. Instead, brands must have a dynamic strategy that involves influencers of various sizes, with specific tactics and paths-to-purchase for each one.

As the complex sector becomes a staple of advertising budgets, holding companies and other players will continue stepping in to offer brands simplified pathways to influencers.