Unilever pours funds into platform tackling influencer fraud
Three companies - including Unilever, the seventh-most valuable organisation in Europe - have invested a total of $12 million (£9.4 million) in CreatorIQ, the influencer marketing platform.
CreatorIQ will use the investment to grow its Creator Cloud, an AI-enabled platform that will allow for "meaningful measurement" of influencer marketing. They cite a “follower fraud epidemic” as a problem facing many marketing teams right now, and are working to develop an algorithm to accurately evaluate the authenticity of an influencer’s follower base.
Fake followers and falsely inflated audiences have made relations between brands and influencers difficult. Recently, a US Instagram user with 2.6 million followers and more than 800,000 YouTube subscribers, struck a brand deal to release her own line of clothing - and failed to sell the minimum of 36 items required by the producer.
Unilever's own CMO expressed public concern with influencer fraud recently, calling for urgent action to stop it undermining the industry.
Igor Vaks, Founder & CEO of CreatorIQ, said: “The most impactful brand stories no longer come directly from brands. They are told in collaboration with passionate advocates who are helping build culturally relevant companies by delivering these stories to the world.
“Brands are turning to influencer marketing because it drives results, but only enterprise-grade technologies can help them succeed at scale alongside older and more mature marketing channels.”