Prof G Markets - How Influencers Hijacked The Consumer Economy
Episode Date: June 10, 2026Ed Elson is joined by Rachel Karten and Allison Schrager to explore how influencers became the dominant force in the consumer economy. They discuss why young people are so interested in viral products..., how social media is accelerating “winner-take-all" dynamics, and whether going viral is a sustainable growth strategy for businesses. Rachel Karten is the author of the Link in Bio newsletter. Allison Schrager is a senior fellow at the Manhattan Institute and columnist for Bloomberg. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
Transcript
Discussion (0)
Support for the show comes from Odu.
Running a business takes everything you've got,
and a lot of the tools out there that are supposed to make your life easier
just aren't great at talking to each other.
And that means you end up having to toggle between a dozen different apps and services
just to keep the lights on.
Enough of that.
Now there is Odu,
the all-in-one fully integrated platform that might actually help you get it all done.
Thousands of businesses have made the switch,
so why not you?
Try O-Doo for free at O-Doo.
O-D-O-O-O-O-com.
Support for the show comes from VAR watches.
In today's world, it can be hard to find something that's truly well-made, not a gadget that
gets replaced every two years, but the kind of thing you could hand down to your kit,
VAR watches, that's V-A-E-R, are American-assembled watches built to last.
They're crafted with sapphire crystals and other premium materials, and they're ocean-ready
with fully waterproof warranties.
These aren't fashion accessories, their proper tool watches that can be passed down through
generations. Learn more at Vairwashes.com. That's V-A-E-R-Waches.com.
When it comes to home improvement, even the most experienced DIYer has a limit.
I'm not going to come in here with the blowtorch and get it hot and solder and put the copper
pipes to come. I'm not doing it. I call it very nice man to handle it.
When to call the experts and when to do it yourself. That's this week on Explain It to Me.
Find new episodes, Sundays, wherever you get your podcasts.
If money is evil, then that building is hell.
The show goes up!
Welcome to Profi Markets. I'm Ed Elson. It is June 10th. Let's check in on yesterday's market vitals.
The S&P 500 and the NASDAQ fell with tech and semiconductor stocks leading the declines,
news that Iran shot down a U.S. helicopter added to the selling pressure.
Oil declined earlier in the day, but,
rose again, as President Trump said the US would respond to the attack. And finally, Apple shares
slid nearly 4% on day two of its developers' conference as investors remained unimpressed by its
AI vision. By the way, that was its worst day since February. Okay, what else is happening?
There's a lot happening in the markets this week with the biggest IPO in history coming on Friday.
We will be covering all of it throughout the week,
but today we wanted to take a break from the AI news cycle
and discuss something a little bit different,
and that is the influencer economy.
If you walk around New York City long enough,
you'll notice something strange right now,
and that is a lot of people standing in a lot of lines.
60% of Gen Z say they have waited for more than 30 minutes in a line
for a specific food in the past year
after seeing it on social media.
For instance, people start lining up at 6am for a dot cake, which is an $11 cup of cake that just went viral on TikTok.
But it's not just food.
More than 80% of Gen Z discover new music through social media and user-generated content.
Marketing companies like chaotic good projects create networks of TikTok accounts engineered to push artists into recommendation algorithms.
They call this the process of trend simulation.
What they've really mastered, though, is the science of going viral.
All of this raises an important question, which we will answer in this conversation,
and that is, do influencers run the consumer economy right now?
Joining us to answer that question, we're speaking with Rachel Carton,
author of the Lincoln Bio Newsletter, and also Alison Schrager,
senior fellow at the Manhattan Institute and columnist for Bloomberg,
who just wrote about the influencer economy.
Rachel, Allison, thank you for joining me.
me on profite markets. Alison, I'm going to start with you because you just wrote this article.
The article is titled, quote, the influencer economy has crossed the line. I gave a little bit of an
intro as to like what these lines are, but if you could kind of explain to us, what are we seeing
right now, what are these lines that everyone's seeing on the blocks in New York City and in other
cities as well? In the article, I'm actually quite bullish on it. I call it, you know, a manifestation
of capitalism on display, you know, technological innovation.
on display. And what we're seeing is, you know, a lot of people hear about a good or service,
usually a good, like frozen yogurt on Instagram, on TikTok. They want to try it themselves and then
film it for themselves, for their network, either to try to grow their audience or just to impress
their friends that they've tried this good. And you create a lot of hype. I mean,
the cliche in New York is now becoming people used to wait in line for nightclubs. Now they
wait in line for bagels. It's kind of true. I saw someone speculate recently that because it's a
more antisocial generation, this is their sort of new in-person experience. You know, there's
problems with it, you know, like any new market. It's a very winner-take-all, like a lot of aspects
of our economy. Like most influencers can't earn a living at it. It also sort of shines a lot of
economic activity on certain businesses that manage to sort of catch fire for reasons that aren't
sort of very well understood. There's so much in there happening. I mean, one is these random
products are going viral and then suddenly everyone has to get this bagel or everyone has to get
this dot cake. And then there's also the fact that young people are willing to wait in two-hour
lines for a dot cake. And I think the comparison to waiting in the line for a nightclub versus
is waiting in the line for a bagel is a genuinely apt comparison.
Rachel, I just want to get your views.
Allison sees this as a good thing economically or maybe a good thing, something technologically
good about it.
How do you see what's happening?
And what do you make of the fact that young people are down to do this?
Well, I think also to understand why this feels so prevalent right now, it's also important
to look at how the algorithms have changed.
And so I think when you think of the traditional view of an influencer, it was like, you grow your following and you grow your views. And that's how you have influence. And with these interest-based algorithms, now somebody with 500 followers can have a million views reviewing a product. And maybe they're actually seen as more trustworthy because they aren't an influencer, quote unquote. And so I think that we're seeing this explosion at this time also because everyone is an influencer now. It's not because you have spent five years growing your followers.
to have some sort of influence. If you get on TikTok and speak, you are an influencer,
essentially, at this point. And so, you know, I think that to some degree lines, lining up
for things, I worked at Bon Appetit for four years before I started my newsletter in 2016,
people were lining up for milkshakes then and cronuts and supreme drops. And so I do think
lines and people wanting to sort of thinking it's worth it to, you know, spend 30 minutes,
this line is not a new thing. But I also think that the way that TikTok has created
conversation around it, has created urgency around it, and has essentially created a new content
stream, which is, I tried the viral thing as a way to go viral, feels really different right now.
I tried. The viral thing feels really important. I think a lot of people might be thinking,
like, why are we talking about this topic on this show? The reason we're talking about it is
because I'm interested in it. But also, I think it matters for businesses. It seems to matter
in the actual real world economy, where it seems to be. It seems to be a lot of the actual real world economy, where it
seems as though the way you succeed today, if you are selling any consumer product, is you go
viral. You randomly hit the lottery, the algorithmic lottery, and suddenly everyone's saying,
oh, I tried the viral cronut, bagel, donut, dot cake, whatever it may be. I just wonder,
and I'll start with you, Rachel, on this question, do you think that that is true? Do you think
it's true that you basically have to cater to the algorithm if you want to succeed,
in consumer business today?
I will never say you have to be on social media because I'm exhausted by social media myself,
but I think it's a very powerful lever that businesses can pull.
And I think that if you look at an example like Chili's and their triple dipper,
like they have credited in earnings calls that the triple dipper has changed their business.
And that's because it's people posting about it online.
And then you're seeing, I think, when you look at, you know, Duncan selling a bucket of coffee,
that has to be in that meeting thinking about how does that show up?
online, what type of content are people making about it? You know, we're in a time where views
are, anyone can get views. And so I think that what holds cultural currency right now is
participation and how do we get people to make posts about our thing? That's where momentum is
built. And so I think that I would not be surprised that in a lot of brands are behind the
seeds developing products with that in mind. Alison, this is the part where you might see. I'm not
so excited about this because I worry that we're,
just creating all of these kind of BS products like a bucket of coffee because we want to go viral.
And in a way, I mean, do consumers really want that?
I guess how would you respond to that view?
I agree.
I think the question is, is this worse than what we had before?
You know, in my column I talk about that there was this wonderful article written in the late 90s about the sort of PR power girls, as they call them, these women in their 20s.
who were like the precursor to influencers
who were effectively girls
from very rich influential New York families
who ran the city through their own self-started
PR companies. And they're the ones
who instigated lines. Usually places like
Mumba, like a nightclub that was cool in the 90s
and they could get Leonardo DiCaprio to go
and then that created the hype.
And, you know, I'm not sure that was better.
In some ways it was worse
because to be an influencer then
you had to come from wealth
in a very well-connected family
and you only really had to please the
elite group of people as opposed to there is something more democratic about this. As Rachel pointed out,
anyone can be an influencer. You don't even have to live in New York. You can, you know, you don't even
have to have a lot of money. You just need to have, you know, a good Wi-Fi connection and you're good
to go. So, I mean, in some ways, you know, there seems something more ephemeral about these things
that, like, how you build a brand, it's hard to sustain it. And that sort of, I think,
is sort of feels scary and there's certainly problems. It's also not clear. I mean, most influencers
don't know living at it. But if you do, I mean, are you building skills that are going to age with you?
Like, can you be a 50-year-old influencer? And if you dedicate your human capital to this,
you know, where does this go for you? I think these are all like very concerning questions.
But I'm not convinced that this is necessarily worse than what we had before either.
Yeah, it certainly was true. There was an element of, you know, what we were called the gatekeepers.
If you make it on the list, whether it's, you know, the New York Times,
list or those PR machine lists, you had to be on the list, you had to get approved by the
tastemaker, the gatekeeper, and then you succeed. But I wonder if influences are essentially just
another version of the same thing as just some statistics that we have here. So for one,
74% of Gen Z say they have ordered a restaurant item after seeing it go viral on social media.
So that alone seems striking that you, I mean, it seems as though you kind of need to go viral if you want to sort of make it today.
But then just looking at some of this other data here on YouTube, the top 1% most watched videos account for 91% of the total viewing time.
And on TikTok, the top 1% of TikTok creators capture 81% of the total views.
So it seems as though we still have kind of a lopsided world where a handful of individuals,
And I don't know if this is actually true, and I want to hear your guys' views on this,
but it seems as though influencers have a crazy amount of power.
And I'd be interested to hear more, Alison, on why that's, I guess, better.
Maybe it's because they were sort of chosen at random by the algorithm.
I'm not totally sure.
But I wonder if you agree with this notion that these economies, the restaurant business,
maybe even the music business is predominantly dominated by a small handful of influences.
That's absolutely true. In economics, we call it the winner-take-all economy, and it is more
prevalent than ever. Like before, you might have a lot of pop stars who are successful. Now,
like, it's just Taylor Swift and, like, maybe a handful of people. So it's harder to make it
in any industry. I think even like public speaking, I'm told, like, you know, there's the top
who get millions of dollars and then there's everyone else. My co-host, yeah.
Every industry has become winner take all, and that is maybe sort of a sign of our change.
But one thing I think that makes me sort of less worried about it than other people is, who are those people?
And as I said, if in the 90s you had to be born into wealth and privilege to be in that top percent.
And now, I mean, I think there's also something I find reassuring about the fact that, yeah, it's the algorithm.
But it is also pleasing the masses.
It is that ability to connect with a wider audience, which does also make it more democratic.
So, I mean, it's an interesting parable, I think, of technology in general and where the economy is going and how you have a new technology and it completely, you know, wipes out these jobs and sort of these incumbents who maybe were there for a variety of reasons, sometimes fairly, sometimes unfairly.
And you get these new jobs coming in with new people, maybe like who don't have much of a business background.
Maybe people who came from very humble.
Sometimes yes, sometimes no.
And so in a lot of ways what we're seeing in this influencer economy and what is replacing.
is just sort of bigger than just this.
It is for the whole economy.
And, you know, there's good things and bad things about it, but it is change.
Rachel, do you think that influences run it now?
Is it basically is the trajectory of businesses, whether it's in New York or otherwise,
are they, I mean, consumer businesses specifically,
is their trajectory mostly determined by how much sunlight they get from a handful of influences?
I don't think that that's like a maker break thing for a business.
business. And I think, you know, I just ran a survey in my newsletter of like, what are the best
brands on social media to you? And some of the top brands are brands like this company called
Merritt, a beauty company, a fragrance brand called Fern. And people are really reacting to actually
their restraint on social media. They don't feel like they're flooding the zone and trying to be
everywhere and work with every influencer. They're actually very strategic of how they show up.
And there's a lot of intention behind it. And so I do, you know, it's always fun to talk about what
has momentum right now, which is this moment with influencers and, you know, sort of a volume game.
And what I'm always interesting is like, what's the reaction that that going to be? And is it
sort of a pullback of like maybe a brand says we actually don't work with influencers or we've
never paid anyone to talk about our products? And what would that look like as sort of a way to
gain trust with consumers is a reaction that I foresee maybe coming along?
This gets to sort of the other question that I have, which is why are people interested
in those products that go viral.
Like, what is it about, you know,
we could use the dot cake as an example,
but any other sort of viral product
that suddenly blew up,
like what resonates would you say
for young people specifically,
what is that moment where suddenly you're the hot thing?
There's small pieces of it.
I think like auditory, like when I think about
what blows up on TikTok in terms of food, there's a crunchy or there's actually like a hook of
like an auditory element. The dot take videos all start with the spoon scraping along the top of it.
So there's that piece of it, which is just a good hook on social media. And then I think another
piece of it is truly like almost a self-interest of if I review this thing like Alison was saying,
like I will go viral too. I think one thing that might be one of the reasons this sort of explains
our economy right now is it's accessible.
I mean, as you said, I haven't weighed in line for a dot cake, but you said it's $11.
Yes.
I mean, like, only so many people could party with a Leonardo DiCaprio at Mumba.
But, like, anyone can buy a dock cake.
It's a lot for a small cake, I would say.
I would say it's a little overpriced.
But I agree, most of us can partake if we're down.
And the opportunity cost of waiting in line for two hours.
I mean, this is time you could be, I mean, I guess if you're a professional influencer, it's worth the time.
but for the rest of us, I mean, this is a significant opportunity cost.
But, you know, you get to partake in the sort of the excitement of what's hot
as opposed to before.
Again, it was less accessible.
And that was in some ways interesting, too, because being inaccessible was what made it interesting.
And now you want to promote goods that are accessible.
Stay tuned for more of this panel after the break.
And for even more markets insights, you can subscribe to my weekly newsletter,
Simplyput, at simplyput.com.
com.
Hey, what's up guys?
It's Andrew Ray, aka Babish,
and I'm so excited to be hosting a new podcast
with Vox Media called In the Booth
with Babish.
In every episode, I'll be sitting down
with celebrities, chefs, and other fascinating
folks to make a meal out of conversation.
New episodes of In the Booth with Babish
drop every other Tuesday, and you can watch
on YouTube or listen wherever you get your
podcasts. Cheers.
Support for the show comes from
Odu. Running a business is
hard enough, so why make it
harder with a dozen different apps
that don't talk to each other.
One for sales, another for inventory, a separate one for accounting.
Before you know it, you are drowning in software instead of growing your business.
This is where Odu comes in.
Odu is the only business software you'll ever need.
It's an all-in-one fully integrated platform that handles everything.
CRM, accounting, inventory, e-commerce, HR and more.
No more app overload, no more juggling logins,
just one seamless system that makes work easier.
and the best part, O-DU replaces multiple expensive platforms for a fraction of the cost.
It's built to grow with your business, whether you are just starting out or already scaling up.
Plus, it is easy to use, customizable, and designed to streamline every process.
So you can focus on what really matters, running your business.
Thousands of businesses have made the switch, so why not you?
Try O-D-O-D-4-3 at O-D-O-D-com.
That's O-D-O-O-O-O-O-com.
Support for the show comes from Vanguard.
To all the financial advisors listening, let's talk bonds for a minute.
Capturing value in fixed income is not easy.
Bond markets are massive murky, and let's be real, lots of firms throw a couple
flashy funds your way and call it a day.
But not Vanguard.
Vanguard bonds are institutional quality.
Institutional quality isn't a tagline.
It's a commitment to your clients.
It means top-grade products across the board.
The lineup includes over 80 bond funds.
they are actively managed by a 200-person global squad of sector specialists, analysts, and traders.
Lots of firms love to highlight their star portfolio managers, like it's all about that
one brilliant mind making the magic happen. Van Gogh's philosophy is a little different.
They believe the best active strategies shouldn't be locked away with one person.
They should be shared across the team.
That way, every client benefits from the collective brain power, not just one individual's take.
So if you're looking to give your clients consistent results year in and year out, go see the record for yourself at vanguard.com slash audio.
That's vanguard.com slash audio.
All investing is subject to risk Vanguard Marketing Corporation distributor.
We're back with Prof. G Markets.
This also gets to something we've been talking about on the show recently, which is young people's interest in reducing their screen time or getting off of these online spaces.
is. And also, by the way, I don't know if this has anything to do with the trends we're seeing,
but getting off of alcohol. I mean, we've seen that young people aren't really drinking anymore,
where there are these more sort of sober, curious event gatherings. And I wonder if these
lines, if that's part of it, if it's an opportunity to kind of get together with your peers,
be outside, partake in a social event versus it just, you know, going to get the product,
whatever the product is.
Alison, do you think that that's part of it?
Yeah, I mean, especially as you said,
because they're not going to bars and drinking.
It's like I once interviewed the CEO of Cinebun,
and she was telling me in the Middle East,
they had a huge following.
They didn't have lines,
but just because she said when people drink less,
sugar becomes sort of their vice.
So if people are turning away from drinking,
then yeah, food treats sort of fulfill that.
And also the socialization. It is forcing you to have this in-person experience. You know, your phone is actually kind of part of it in a messed up way. But it is sort of a socialization of a kind.
Yeah. There's sort of a phenomenon that I've been noodling on around like offline but online where you have these sort of lookalike contests, things that are happening offline but you're documenting it for online or like, you know, analog trends.
Well, you're posting about it.
So how analog really are you?
And so I think there is this sort of like social signifier of like I'm offline, I'm documenting it.
But it's this tension, I think, of knowing that they want to be off their phone, but still feeling that urge to tell everyone about it.
Something I've also been thinking about here.
Let's say you go viral.
You're running a small business and you come out with a great new product and suddenly everyone's doing it.
I tried the viral cronaut, whatever it is.
I wonder what the longevity of that actually is for the business.
Because it seems as though you want to try to go viral.
You want the line around the block.
But I wonder if the line exists two weeks from then or three weeks from then,
or if suddenly it just sort of falls off a cliff.
Alicette, I mean, I don't know if you have any insight into this,
but do we know if this actually is a good thing long term for businesses, or is it more of a fad
and therefore kind of a business red herring maybe?
I mean, my guess would be it's like anyone who gets attention in this sort of attention
economy is it can be a great start, but do you have a good business?
Do you have a good product?
Do you have a good marketing plan?
Are you willing to work hard to do something with that opportunity and sort of build on it?
I mean, if you sort of just have one, you know, viral product and you don't really have a good business plan to back it up or you don't have other goods and services that people want, you probably, it's not good.
But certainly maybe it can sort of spark a business for you.
Rachel, as somebody writes about a lot of these topics, I mean, what is your advice or what would you recommend to businesses who see this, hear this conversation, they see these trends and they're kind of like, I don't really.
really know what to do with this information? Like, is this, are these the kinds of trends that businesses
need to actually be acknowledging and thinking about? You know, I wouldn't be like, get in the lab
and make something that you think will go viral necessarily. But I, you know, when I'm talking to
small businesses who are like, do I need to be on social media? I say, you know, it's a powerful
thing. I have an example. There's a coffee shop in Minnesota called Little Joy. They've used their
own social. So essentially treating their own social, like, how do we become the influencer? Let's not
hand over the keys or we're happy to hand over the keys, but let's make our social page the hub
of where people want to watch. And I think they've built a really amazing customer base by being
really consistent and essentially creating like a serialized show on their own social. So they
own that conversation and people are coming in to try the viral things as it comes up, but they've
created that consistent show that really instead of building a viral like pop, builds loyalty.
And people are like, my show is on. I'm so happy to be watching this. And so, you know,
If you have that momentum, one of your drinks goes viral, I'd be thinking, how do we keep up that momentum through our own social presence?
So we're not relying on somebody coming in and making a video about it necessarily.
Yeah, it's a really good point. Do you think that businesses at this point need to think of themselves as creators, specifically consumer businesses?
I think they need to be thinking about how do we find entertaining ways into social media that make people want to stick around and watch our content.
I love the idea that you sort of can control your own marketing and narrative, and maybe that's where this is going, is rather than being dependent on an influencer is building your own brand. But then maybe we're circling back to bigger marketing teams. Because, you know, for a coffee shop to sort of also run a major social media strategy, I mean, that's a different set of skills. It's also a lot of time and effort.
Right.
So perhaps ultimately, they'll be outsourced in what is old as new again. And we go back to sort of hiring a marketing team to do that.
for you. It seems as though what's nice about it for on the side of the viewer who's seeing these
products on their Instagram or their TikTok is it feels kind of organic and it feels like something's
actually happening that's real. Someone just stumbled into this place. They have this interesting
product. Everyone's going now and I'm going to meet all these people. But I also wonder the
extent to which these are potentially planned or paid for or set up in some sort of
way. And, you know, this becomes especially pertinent in the world of the influencer economy, where
these influencers go in and they say, oh, I just tried out this new hot product, and then we don't
know that behind the scenes, they're getting paid to go in and say that. And it seems as though
this is going to become a really big business, really, which is kind of pretending as though
you have this organic moment, which in reality has been set up and is paid for. Rachel, I just
be curious, is that happening? And is that something that, I guess, influences are thinking about?
As social media becomes essentially that slot machine where you can pull the lever,
brands are going to be saying, how do I manufacture this? Like, okay, we can't pay an influencer
to come in or we can't guarantee that they're going to come in. Can we manufacture this?
We're seeing this already. There are shadow accounts that are, are they employees posting this?
Are they influencers? Are they just sort of UGC creators?
And they're just every day pumping out content about that brand.
And so we are seeing that.
I worry about that and what that does to the state of social media,
especially as people are showing up more skeptical of what they're seeing on their timelines.
And I don't think that that's necessarily a good thing.
And so I do worry about businesses saying,
how do we do this from scratch?
There is an organic sort of momentum that happens
and trying to manufacture that, it's a scary prospect to me.
But you wonder, is it inevitable?
I mean, this is becoming a big part of the economy, perhaps,
and this is largely how marketing happens.
So inevitably, it becomes professionalized.
It becomes commercialized.
Like, so, I mean, I suppose it's sort of,
it just has to go this way,
and maybe what keeps it fresh is this sort of sheen of authenticity.
But maybe it was never.
there. And I suppose eventually people sort of cut, it's like watching an advertisement on the Super
Bowl. You know this isn't authentic, but eventually maybe this just turns into that because you
can't have this share of marketing be so important to the economy and have it eventually just not
become professionalized in some way or commercialized in some way. I think what I worry about is
that the FTC is about 10 years behind on what's happening right now. People aren't disclosing when
something is an ad. It's a very big, great.
area. And so I think that in the meantime, you're going to have consumers that feel duped by certain
marketing. And that's not what we've been talking about. What I think people are trying to manufacture
will confuse a lot of people. Is this marketing? Is this real? I don't know. That's a tough place to be
putting people in on social media. And I do worry about like the long term effects of that and not
enforcing proper disclosures. It's a really interesting point. Just as we start to wrap up here,
kind of a broad question. But Allison, where do you think this is all headed over the next
several years? Do you think that this influencer economy is going to grow? Will marketing budgets
maybe just completely reshift around this? What do you think is going to happen over the next few years?
Well, I think it's just going to become more mainstreamed in our culture and more institutionalized
and probably, as I said, become the standard way of how to communicate, just because how people
communicate is different. Like young people now like to have.
tend not to watch TV as much. They just consume short-form video. So if you want to reach that
audience, this is where you have to go, which means, again, money is going to follow. And you're just
going to sort of, it's probably going to eventually people are just going to assume that they're being
paid to be told what this is. And it just becomes commercialized. You know, you lose that authenticity.
You lose, you feel like you're getting a genuine review of a product. But, you know,
what did we have before? I see, this is imperfect. But, you know,
Maybe not any worse than what we had before.
Maybe in some way still better.
Rachel, I'll pose the same question to you before we end.
I think we're going to see right now, like the top, top influencers are extremely expensive.
And I think we're going to see businesses start to realize that the follower count doesn't necessarily matter anymore.
And they can be paying much smaller influencers also to be posting about their product.
And so I think we're going to see the split where they'll still be paying the really expensive influencers.
but a good chunk of that budget is going to go to much smaller influencers who can still get scale,
despite not having a high follower account.
Really interesting stuff.
Rachel Carlton is the author of the Lincoln Bio newsletter, Alison Shrega, Senior Fellow at the Manhattan Institute and columnist for Bloomberg, who just wrote about this topic.
You should go check it out, read it on Bloomberg.
Rachel, Allison, thank you so much for joining me on the show.
This was really interesting.
Thank you.
Okay.
That's it for today.
We appreciate you joining us for another ProfG Markets panel.
If you have a guest you think we should speak to on this topic or any other,
please drop us a line in the comments or email our producer, Claire,
at Markets at Profg Media.com.
We hope to hear from you.
This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer.
Our video editor is Brad Williams.
Our research team is Dan Chalon, Isabella Kinsel, Chris Nodonohue and Mia Silverio.
And our social producer is Jake McPherson.
Thank you for listening to ProfG markets from ProfG Media.
If you liked what you heard, give us a follow.
I'm Ed Elson.
I'll see you tomorrow.
Formula One, so hot right now.
It's like if traders in succession had a baby on wheels.
Teams lying.
Drivers beefing.
Celebrities everywhere.
And scandals.
Lots of scandals.
So we made a show about it,
the Red Flag's podcast, where we recap races and break down
all the latest F1 headlines.
But no nerdy tech talk.
We only cover the stuff you'll want to hear about.
Yeah, and the only thing hotter than the drivers are our takes.
And now we're doing it on Vox.
Oh, we're so legit now.
We're basically thought leaders.
Ted Talk incoming.
And we do a podcast with Gunter Steiner called Venka Hours.
I still can't believe that's true.
Well, believe it.
There is so much for the beautiful Vox media audience to enjoy.
So come check out the Red Flax podcast every Monday on YouTube or wherever you get your podcasts.
