Bloomberg spent $1–1.5 million on Instagram memes campaign

PanARMENIAN.Net - The Bloomberg political ad campaign that employed around 30 different influencers to create Instagram memes delivered a lot of hype for $1 million and $1.5 million, according to experts who spoke with Forbes.

For the ads, Bloomberg hired Meme 2020, a new company created by some of the biggest names behind Instagram’s most followed meme accounts, including @tank.sinatra, Doing Things Media and Jerry Media, the company behind @FuckJerry.

A typical Instagram influencer with 1 million followers charges at least $10,000 per post, according to influencer marketing agency Mediakix, while outfits with bigger followings like Jerry Media have a starting rate of $50,000 per post.

But “sponsored political posts bring higher risk, since there’s a chance that people could unfollow their favorite meme pages if they disagree with political content,” says Vickie Segar, founder of Village Marketing.

That means, according to Mediakix CEO and founder Evan Asano, “politicians will be paying a premium to the typical rates”—probably between $30,000 and $50,000 per post for Bloomberg, according to Segar and Asano.

Factoring in a couple hundred thousand dollars in agency fees, Forbes calculates that Bloomberg paid between $1 million and $1.5 million for the entire round of 30 Instagram advertisements. That number could go higher depending on whether Bloomberg has signed package deals for more sponsored posts, sources say.

The Bloomberg campaign would not comment on that estimate.

Overall, some 60 million people follow the accounts collaborating with Bloomberg and the Meme 2020 campaign, according to The New York Times, which was first to cover the campaign.