Influencer marketing unlocked: Understanding the value chains driving the creator economy

Barak Libai (), Ana Babić Rosario (), Maximilian Beichert (), Bas Donkers (), Michael Haenlein (), Reto Hofstetter (), P. K. Kannan (), Ralf Lans (), Andreas Lanz (), H. Alice Li (), Dina Mayzlin (), Eitan Muller (), Daniel Shapira (), Jeremy Yang () and Lingling Zhang ()
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Barak Libai: Reichman University
Ana Babić Rosario: University of Denver
Maximilian Beichert: Bocconi University
Bas Donkers: Erasmus University
Michael Haenlein: Marketing Department, ESCP Business School, Paris, France and University of Liverpool Management School
Reto Hofstetter: University of St.Gallen
P. K. Kannan: University of Maryland
Ralf Lans: Hong Kong University of Science and Technology
Andreas Lanz: University of Basel
H. Alice Li: Fisher College of Business, Ohio State University
Dina Mayzlin: University of Southern California
Eitan Muller: New York University
Daniel Shapira: Department of Business Administration, Ben-Gurion University of the Negev, Beersheba, Israel and Mannheim Business School, University of Mannheim
Jeremy Yang: Harvard University
Lingling Zhang: Marketing Department, China Europe International Business School

Journal of the Academy of Marketing Science, 2025, vol. 53, issue 1, No 2, 4-28

Abstract: Abstract As influencer marketing evolves into a dominant force in the marketing landscape, it necessitates a deeper theoretical exploration to understand its strategic implementations and impacts. This article examines the dynamics of influencer marketing within the growing creator economy, emphasizing the interactions among firms, influencers, followers, and digital platforms. We introduce a novel, equity-driven framework that analyzes how influencers contribute to customer equity, how influencers manage and leverage the value from their followers, and how platforms maximize the value from their users. We detail the complex relationships and value exchanges within the influencer marketing ecosystem, highlighting the challenges of measuring the return on investment and influencers’ strategic use of content to maintain authenticity and influence. By synthesizing diverse academic literature and current industry practices, this manuscript provides a comprehensive overview of the mechanisms of value creation and exchange in influencer marketing, offers strategic implications for marketers aiming to optimize their influencer engagements, and outlines future work in the form of the eleven “INFLUENCERS” research directions.

Keywords: Influencer marketing; Creator economy; User-generated content; Social media; Customer lifetime value; Customer equity; Platforms; Followers (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11747-024-01073-2

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