Major advertisers are shifting money toward social‑media creators, yet the flow remains modest compared with the surge in audience attention. Brands such as Unilever and Procter & Gamble have announced pilot programs, but overall spend still trails the rapid expansion of the creator economy. Even as TikTok and Instagram reels pull record ad impressions, CEOs cite brand‑safety worries and measurement challenges, leaving many high‑profile creators without backing.

Smaller agencies and niche firms dominate the bulk of creator deals, accounting for roughly 70% of the total transaction volume, according to a recent WSJ analysis. Their agility lets them lock in micro‑influencers at rates that large advertisers deem too risky, prompting a fragmented market where long‑term partnerships are scarce. The resulting thin budgets force brands to favor short‑term spikes over sustained collaborations, a trend that could erode creator loyalty.

For investors, the divergence signals that growth will be driven by a long tail of specialized firms rather than headline‑making brand campaigns. As creator audiences keep expanding, capital is likely to chase the nimble players that can deliver measurable ROI. Brands must recalibrate their spend to capture that upside. Private‑equity funds have already earmarked capital for boutique influencer agencies, confirming the market tilt.