Influencers & content creators are continuing to take over the world of social media, and now Meta is introducing tools to help creators generate more income on Instagram, through audience contributions.
Let’s take a look at these new monetization tools below.
In the UK, Instagram subscriptions are currently operating on an invitation-only basis for now. But in the US, this income generator is currently open to all creators (with certain limitations) and it’s expected that this will also soon apply to us across the pond.
Originally launched as a limited test back in January, subscriptions grant creators the opportunity to offer exclusive content in exchange for an ongoing monthly payment from their (most loyal) followers.
Therefore, this may be the best option for those wanting to earn a predictable income through the platform.
To find out if you’re eligible for Instagram Subscriptions, open up your Instagram app and head to your professional dashboard.
If you’re eligible, you’ll find an option to set up subscriptions for your account. Once, this feature is activated, you can begin to post subscriber only:
- Group chats
- Broadcast channels
You can then promote subscriptions on your Instagram stories with a dedicated sticker. When tapped on by a user, they’ll be taken to your subscription page.
Alongside receiving exclusive content, subscribers will also get an exclusive badge next to their handle when commenting on posts.
Instagram creators can now earn money through Reels with the all-new ‘gifts’ feature, which sounds almost identical to the TikTok feature of the same name.
Again, loyal followers can send digital gifts to creators to show their appreciation for their favorite Reels. Said gifts are paid for with ‘stars’, which must be purchased with real money.
When the creator receives a gift, they then earn a percentage of what the user spent to send it.
Instagram gifts are currently being tested with a limited number of creators, but Instagram has not yet provided detail on the revenue split for creators or displayed what the digital gifts look like.
Instagram Digital Collectables (NFTS)
Finally, Instagram is launching a way for creators to produce their own digital collectibles and sell them to their following.
Creators can produce digital collectibles using an end-to-end toolkit and list them for sale on their Instagram profiles.
Instagram is currently testing this feature within the US creator community, but I predict it may be expanded into more countries soon.
Thanks for reading,
Myk Baxter, eCommerce Consultant
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