Think Memes Are Just Humorous, Shareable Pieces of Content? Think Again.
A couple of years ago, I was in the business of scrolling endlessly through Instagram and Reddit meme pages; pausing only to share the sassiest, sauciest and most “dank” of memes with the friends that would “totally get it”. Needless to say, it was not the most profitable of pursuits but if you ask me, I would say I was getting rich laughter-wise.
Memes are a mainstay of internet culture. From its humble beginnings on Reddit to then achieving mainstream popularity on Facebook to now commanding millions of followers on Instagram; memers and meme accounts have had quite the journey. Meme accounts have grown on the back of quickly digestible humor that has mass appeal to their Millennial and Gen-Z audience. Posts are centered around shareable universal experiences, pop culture and current events which further lead to followers tagging their friends in the comments section or direct-messaging posts to friends which in turn boosts discoverability of the account and converts to more followers and higher engagement rates. It comes as no surprise then that some of the most popular meme accounts boast of follower counts running in the millions — @memezar has amassed a whopping 22 million followers (at the time of publishing this article) and @fuckjerry and @sarcasm_only command 15 million followers each.
Okay, got it. Meme accounts are a big deal. Does money come into this story at any point?
Yes, of course! Two words: Brand Sponsorships. By now, we all know that a large follower base on social media is an intangible asset in today’s world. Meme accounts are poised perfectly for monetization and you guessed it, monetize they did! Business Insider suggests that the influencer marketing industry is set to be worth $15 billion by 2022. Meme accounts occupy a sweet spot in the influencer ecosystem in the sense that they are a departure from the traditional influencer; typically an individual or a personality within a particular niche and are mostly just accounts posting memes regularly. Their lure for brands lies in the fact that engagement rates of meme accounts are often higher than that of an individual influencer.
Brands across verticals have begun cashing in on meme accounts and allocating ad spend for collaborations. Popular meme account @mytherapistsays have garnered a 6 million-strong follower base by posting relatable memes centered around navigating early twenties and the hiccups that come with it. As their account grew, they landed sponsorships with brands such as Tinder, Hinge and even Gucci. MyTherapistSays typically charges $7,000 to $20,000 per ad campaign.
@DudeWithSign who acquired a jaw-dropping 4 million followers in 4 months has a simple premise — a regular guy takes to the streets of New York City holding up cardboard signs protesting everyday nuisances; sort of like a Seinfeld for the digital era. The account’s posts going viral and social media clout growing exponentially earned collaborations with big names such as Old Spice and Bud Light. What’s more, even Instagram and the WHO partnered with the account to create awareness about best practices to follow during the COVID-19 outbreak.
In summary, memes have evolved into lucrative full-time jobs and the next time you share that oh-so-funny meme, you might inadvertently be increasing brand awareness for a company. But is that going to stop you from sharing them? Who are we even kidding.
