Creator economy M&A deals show where the industry could go next

It’s been a busy year for M&A in the creator economy.
Startups in influencer marketing, talent management and podcasting became acquisition targets.
Companies also sought to expand globally by acquiring incubator startups in new regions.

In 2024, dozens of merger and acquisition deals were signed between companies across the creator economy.

One of the most influential sales was Publicis Groupe’s purchase of Influential for $500 million, two M&A experts told Business Insider. It showed that one of the world’s largest advertising companies saw influencer marketing as a must-have offering.

“If influencers are the new gatekeepers and authorities within these digital channels, then they will dominate the audience,” Chris Erwin, founder of M&A advisory firm RockWater, told BI. “Advertising revenue will flow to them.”

Analysts at Goldman Sachs highlighted influencer marketing spending as a key driver of growth in the creator economy when they valued the industry at $250 billion last year.

This year, some other clear trends emerged around deals. Popular acquisition targets outside of influencer marketing included talent management firms and podcasting technology. There has also been a push by non-U.S. companies to build creative businesses around the world through purchases.

Business Insider combed through data from PitchBook and Crunchbase and reached out to M&A insiders to understand some of the top deals in 2024.

Here are 4 takeaways from our analysis:

Influencer marketing was the focus of buyers in 2024. It’s a category that has a proven business model compared to some of the more experimental parts of the industry. Beyond Publicis’ deal with Influential, other major advertising brands brought influencer expertise through acquisitions.

Some notable offerings in this category:

marketing company Hirschwell announced in July that it had acquired the influencer marketing agency management.
Canadian Talent Agency Dulcedo Group has acquired the influencer marketing app node in July.

The creator economy is maturing worldwide. Several companies have entered into strategic deals in markets such as India, Japan and Australia. Publicis highlighted Influential’s global reach in its July announcement surrounding the transaction.

“Creatives really can be global from day one,” said Ollie Forsyth, a former senior executive at investment firm Antler who now writes the New Economies newsletter. He noted that technologies such as AI-powered audio synchronization and video editing tools are giving developers a new way to easily distribute content to a global audience.

Some notable offerings in this category:

French influencer company Ykone announced in March that it had acquired a majority stake in the Indian influencer marketing company Barcode to build a business in the Indian influencer market.
Finnish influencer company Boksi announced in February that it had acquired the German influencer marketing company of Influencer GmbH to expand its business in Central Europe.

Podcasting is a hot category. As platforms like YouTube and Spotify increase listeners (and viewership) of longer-form content, advertisers are paying close attention. According to EMARKETER forecast, US ad spending on podcasts is expected to reach $2.28 billion this year, up about 16% from 2023. Meanwhile, M&A deals in this category in 2024 focused on podcasting technology and intellectual property.

“It’s a publisher’s play to bring these popular show networks together,” said James Creech, M&A advisor at Quartermast Advisors and founder of Creator Economy Jobs. “I think that will continue because there will probably be a handful of winners in this area.”

Some notable offerings in this category:

Triton Digital announced in March that it had acquired a podcasting advertising technology company echo sounder to improve its targeting and brand safety technology.
Night announced the takeover in April The sleeping placea podcast network that includes shows from Theo Von and other popular creators.

Creator-focused talent firms continue to consolidate. There is no shortage of talent managers and agencies looking to represent creatives. However, a smaller number are willing to support the businesses of top producers looking to land deals, exclusive podcast contracts and Hollywood roles.

Some notable offerings in this category:

Talent management company Aquarius announced its acquisition of the talent management agency in September Long distance to expand his gaming and sports creator business.
Influencer marketing and creative talent company Walar announced in October that it had acquired the influencer management company Sixteenth.

Outlook for 2025

Both Erwin and Creech expect the next year to be fruitful for creator economy companies.

“There will be more activities next year,” Creech said.

One area the two M&A advisors are watching closely is whether consumer packaged goods (CPG) companies will continue to seek founder-owned companies, such as Hershey, which will launch the Sour Strips brand in 2024 from founder Maxx Chewning.

Companies that successfully raised new funds in 2024 could also be a signal of where M&A activity in the industry is headed next. Creator startups with unique offerings in artificial intelligence, newsletter technology, influencer marketing and e-commerce have all attracted investor money in the past year. The big rounds included creator marketing platform Agentio, newsletter app Beehiiv, social shopping app Flip and AI company ElevenLabs. Start-ups that have sufficient funding could become buyers in 2025.

“If you want to sell or raise capital now, now is a good time to do it,” Erwin said.