According to projections in a state-run journal, former sprinter Usain Bolt, who has over 14 million followers, may produce 30 times the amount of money that Jamaican influencers can receive every post on the internet, which averages US$1,000 (J$155,000).
Based on data acquired as part of a larger, innovative, people-focused approach to development, the Planning Institute of Jamaica (PIOJ) claims that influencers are making money from their posts.
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The typical macroeconomic framework might obscure internet or street activities.
The state-led PIOJ included a list of the findings in the appendix of their Growth Inducement Program (GIP) study report 2023.
A media release announcing the introduction of the Inclusive Growth Index Framework later this week at PIOJ’s Kingston office referred to the GIP study, describing it as the “newest publication.” With the use of that indicator, Jamaica’s strategy for economic expansion will be improved.
Economist Kellie-Ann Murray wrote the chapter on influencers for the GIP study, titled “Economic Diversification via E-commerce.”
A publicly accessible algorithm from influencermarketinghub.com is used in the chapter with specifics in the appendix to determine possible revenue per post.
The formula used in the money calculator is dependent on several factors such as content kind, followers, post interaction, views, and more. As such, the results are approximations rather than precise numbers.
Based on the GIP report, “In 2022, the GIP surveyed the earning potential of 100 Jamaicans in the e-commerce landscape, over the Instagram, TikTok and YouTube social media platforms. Of the three, Instagram had the highest usage and with significant estimated earnings per post.” It further noted, “The number of followers ranged from 17,000 to 11 million and the earning potential per post was equally as varied, ranging from US$126 to US$37,000.”
Many well-known deejays and other celebrities with Jamaican ancestry were left off of the list, making it incomplete since it contained only local influencers. Having said that, many people are familiar with the people on the list.
The original TC, Rohan “Quite” Perry, Shelly-Ann Frazer-Pryce, Prince Pine, Yendi Phillipps, Bolt, Ding Dong, Fluffymisskitty, Shanzia, Deno Crazy, and the Original TC were ranked first through a listing of ten on Instagram (IG).
According to the report’s appendix, Ding Dong has the potential to make between US$2,300 and US$3,800 for each Instagram post, while Bolt, who has over 14 million followers, could make between US$22,000 and US$37,000 per post.
As per the research, those on the top list can earn anywhere between US$1,600 and US$2,000 for every Instagram post.
Bolt, Ding Dong, Ras Kitchen, Russhaine “Dutty” Berry, Carey and Craig Smith from Baddie Twinz TV, Wayne Mitchell from Meet the Mitchells, Tovaughn Hamilton of Kyng Tavii, Rohan “Quite” Perry, Tanaania Tracey, and Andre “Deno” Dixon were among the people on the list on YouTube.
According to the study, Bolt could get up to US $22,000 for every YouTube post, while Ding Dong might make up to US $1,670. According to the source, the others can make between $150 and $600 for each post.
Aamir “Bwoizy” Cunningham, Keticia “TC” Chatman, Kerry-Ann “Chiney K Pop Girl” Collins, Rohan “Quite” Perry, Basillia Cuff, Kedisha “Keddykure” McLaughlin, Wayne Marshall, and Rajeen “Arjay” Lawrence were among the celebrities that turned to TikTok. These celebrities may receive a salary of $100 to $200 for each post.
The research describes influencers as a new component of Internet business that involves alternative media and social commerce.
“The data suggest a good organic appetite for e-commerce in Jamaica that should be encouraged and facilitated,” stated the report.
E-commerce in Jamaica is expected to increase from US$218 million in 2021 to US$268 million (J$41.5 billion) by 2025, according to statistics from the internet analytics website Statistica.
When it comes to internet sales, the industries that lead the way are food and personal care.
The report noted that Jamaica’s National Commercial Bank has generated millions in sales through the surge of e-commerce which stems from businesses that are operated through social media platforms, “Recently, the National Commercial Bank reported over $110 million in transaction sales generated by approximately 800 local businesses utilizing its e-commerce solutions. The data suggest a good organic appetite for e-commerce in Jamaica that should be encouraged and facilitated.”
The report, which was released in March 2023, was not widely known until the PIOJ office in Kingston announced the press conference that would take place later this week.
“This report has been prepared using external sources, systems, and other information believed to be accurate, complete, and reliable at the time of preparation. However, the accuracy and completeness cannot be guaranteed. Therefore, we shall not be liable or responsible for any error or omission in this report,” the report’s caveat was noted.
PIOJ General Director Dr. Wayne Henry stated in the report’s introduction that the goal of this study was to “encourage” and highlight the adoption of pertinent options.
“A supportive, invigorated, diversified and modern business environment will significantly increase Jamaica’s ability to engender more robust and inclusive economic growth through improvements in key real sector, monetary and fiscal indicators.”
The PIOJ reports that while the economy is almost at full employment, there aren’t many workers with advanced skills. Because of this, the majority of the workforce earns money for consumption rather than saving or investing it. E-commerce and social media influence can thus be used to increase revenue.
