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The lure of social media stardom has enticed many Australians to pursue a career as an influencer on TikTok, Instagram, or YouTube.
But for every Bec Judd, Tammy Hembrow or Skye Wheatley, there are hundreds of Aussies struggling to make enough to survive in the world of online content creation.
And ING's Head of Consumer Rights Matt Bowen has revealed the sad truth about Aussie influencers during an appearance on Sunrise on Friday.
'Most people who pursue careers as content creators are lucky to make ends meet,' host Edwina Bartholomew said, introducing the segment.
Matt agreed, saying that while forecasts for the industry looked bright, the reality of starting and growing an influencer career can be much different.
'We're all dreaming about that side hustle to make it big online. We don't have to work the 9 to 5 like we do every day,' he said.
'And Goldman Sachs is saying this industry is actually gonna be worth $480 billion globally over the next few years.
'So it's nice to think that a nice little slice of that pie could be.'
ING's Head of Consumer Rights Matt Bowen has revealed the sad truth about Aussie influencers during an appearance on Sunrise on Friday
Matt went on to explain that given that there are only a handful of Australians 'making the millions on social media', managing expectations around income reliability, changing trends and brand preference was crucial.
'You need to be prepared for long stints without potentially any income coming in,' he said.
'As you start to monetise your audience, there'll be genuine questions around whether you believe the products that you're actually pushing.
'You need to be prepared for long stints without potentially any income coming in,' he said
Matt went on to explain that given that there are only a handful of Australians 'making the millions on social media', managing expectations around income reliability, changing trends and brand preference was crucial
'And TikTok is the fastest growing platform here in Australia, but there are concerns about that being banned potentially in the US,' he added, questioning the longevity of the platform.
Matt ended the segment by suggesting a side hustle might be a good way for burgeoning content creators to shore up income.
'I think for now, Eddie just set up the garage, the garage sale on the weekend and sell those unused clothes might be, might be an easier option,' he said.
'You don't have to pay tax on that.'
Tammy Hembrow (pictured) with an estimated net worth of $50million rakes in as much as $82,998 per sponsored post, according to Yahoo! Lifestyle
Hunter Talent, a management firm which represents some of Australia's biggest social media personalities, recently shed a light on their wild social media earnings.
Tammy Hembrow boasts more than 17million followers on Instagram and her shock salary certainly reflects her huge rise to fame on the platform.
With an estimated net worth of $50million, the fitness influencer, 30, rakes in as much as $82,998 per sponsored post, according to Yahoo! Lifestyle.
Tammy's huge earnings for just one post are the same as the average Australian's annual salary, which is estimated to be around $89,000 per year.
Kayla Itsines follows closely behind Tammy as she is said to charge as much as $71,550 for each of her Instagram advertising posts.
The personal trainer, 32, boasts almost 16million followers on the social media platform after gaining huge popularity for her fitness and wellness posts.
Kayla Itsines follows closely behind Tammy as she is said to charge as much as $71,550 for each of her Instagram advertising posts
