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When it comes to “posting power” for brands that are working alongside a digital creative and marketing agency to help maximise their social media impact, Instagram still fares better than TikTok, according to recent data analysis by Launchmetrics.
As reported by Women’s Wear Daily, data for the first six months of 2023 – covering the period to 30th June – showed that the Meta platform retained the greatest “media impact value” figure, or MIV, which is a proprietary Launchmetrics measure looking at how impactful relevant paid, owned, and earned media are across channels.
For the purposes of this analysis, Launchmetrics scrutinised how some 3,500 fashion, lifestyle, and beauty brands performed. This work showed that although TikTok had ballooned in popularity, it was still Instagram that ranked highest for brand amplification, thanks to the site’s total of $16.9 billion MIV and a 57.7% share of social brand reach.
What else did we learn from the data analysis?
Those figures placed Instagram a long way above its Meta sister platform, Facebook, which managed an MIV of $3.5 billion and an 11.7% share – still enough to put it in second place overall. TikTok’s overall MIV, meanwhile, was a mere $1.8 billion, and the Chinese video-focused platform was behind both YouTube and the Chinese social review platform Red in the overall ranking.
Instagram’s penetration in fashion and sportswear is also seriously impressive; the platform enjoys a 60% share, and an MIV average per post of $7,300. YouTube, though, does extract a lot of benefit from its search strength and long-form video, which helps to explain its MIV per placement of $10,700.
One factor that appears to have served Instagram well in its battle with TikTok, has been the Meta platform’s introduction of the Reels format. A signifier of the success of this move is the fact that, as disclosed by the WWD story, the format’s average MIV is approximately 10% greater than that of a TikTok video. Having said that, the $7,000 MIV per placement that TikTok manages is far from lousy.
As for the analysis focusing specifically on brands, Dior continues to be the most powerful brand, in the luxury category as well as in fashion as a whole, with $513.7 million MIV. The French multinational fashion house also records first place in the beauty category, courtesy of its $268.7 million MIV.
Taking second place in the beauty category was Chanel ($415.7 million), followed by Prada ($278.8 million), Gucci ($244.9 million), and Versace ($219.8 million).
It was further noted by Launchmetrics that South Korean stars play a major role in enhancing reach in the Asia Pacific region. Meanwhile, users in Europe and the Middle East have a greater tendency to favour influencers and owned media that they regard as being trustworthy news and information sources.
Allow Skywire London to put your fashion brand in a stronger position in 2024
Instagram and TikTok, then, continue to fight it out for the attention and admiration of players in the fashion, luxury, and lifestyle sectors that are anxious to do more to boost their online impact.
To learn more about how our own London-based, but globally minded digital creative and marketing agency can assist you in achieving that heightened impact, please don’t hesitate to contact the Skywire London team today.
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