Ready to make money on Instagram? Well, here’s what you’ve been waiting for!
Meta CEO Mark Zuckerberg announced the company’s test of a new way to make money on Wednesday 19 January. It will give creators access to exclusive Stories and Lives, and it’s designed to help them make more money. He wrote, “I’m excited to keep building tools for creators to make a living doing creative work and to put these tools in more creators’ hands soon.”
The Instagram Subscriptions are currently being tested with a group of creators in the US which will allow them to earn recurring monthly income. They can set a subscription fee for each month, select from eight different price points and then unlock a “subscribe” button on their profile. According to Adam Mosseri, the head of Instagram, subscriptions are a great way for creators to have a predictable income. He said “Creators do what they do to make a living, and it’s important that that is predictable. Subscriptions are one of the best ways to have a predictable income—a way that is not attached to how much reach you get on any given post, which is inevitably going to go up and down over time,”
After becoming a subscriber, users will receive a purple badge beside their names. It will allow them to identify themselves in comments and messages.
According to the company, the new subscriptions will allow creators to offer only certain content to subscribers, such as live streams and exclusive Instagram Stories. However, those who are not listed as creators will not be allowed to charge anyone for their content. Instead, Instagram is looking to let them create a list of subscribers and incentivize them with a reward system.
Moreover, in 2020, Facebook launched a new program called subscriptions. And until 2023, the company will not claim any of the revenue from the subscription.
In December 2021, Facebook allowed creators to download and promote emails of new subscribers to keep their relationship with their audience off-platform. They can also customize their subscription’s promotional link all while keeping 100% of the money they earn from the subscription. As Instagram said: “With Instagram Subscriptions, creators can develop deeper connections with their most engaged followers and grow their recurring monthly income by giving subscribers access to exclusive content and benefits,”
By 2022, the company will give $1 billion to creators of Facebook and Instagram. As part of the program, some of them were also rewarded for adding new subscribers.