How to Monetize your Instagram with New Subscriptions Feature
Updated: Feb 2
Is your head spinning from so many Instagram updates? Everyone's is, but I believe this newest update, since it involves MONEY, will be welcomed with open arms (and wallets).
Did you know that the Creator economy is estimated to be over $100 billion dollars and growing as we speak? That's great news for Instagram (and other social media platforms), but as a Creator.....how do you make a living? How can you monetize your "product", your "creation", your "brand"?
Enter Instagram Subscriptions.
Instagram will soon be offering Creators the opportunity to make money with the launch of Instagram Subscriptions, slowly rolling out to select Creators. Their purpose? PREDICTABLE INCOME, which is something we can all get behind!
Creators will be able to offer their followers paid access to exclusive Instagram features. It's in "alpha" test mode, which means only a small group (ten creators at this time of this blog) have access, but these test groups can offer an opportunity for feedback from both followers and Creators, and they'll be able to utilize this feedback in the full launch. Instagram Subscriptions will help Creators earn more by offering benefits to their most engaged followers. If this sounds somewhat familiar to you, maybe you subscribe to similar platforms, such as Twitter's new Super Follow, Patreon or Substack.
So Why Instagram & How Does It Work?
An excellent reason is because (if you're reading this blog!) you're ALREADY USING Instagram, you know how to use it and you already have connections and conversations happening there. It's NOT new; it's a proven valuable resource for content.
Through the Subscriptions product, Creators can choose their own price point for access to their exclusive content in the form of EIGHT different price points (ranging from .99 to $99.99 per month), depending on how much a Creator thinks their content is worth.
Once subscribed, followers will be able to access Subscriber-ONLY content and be alerted to exclusives LIVES and broadcasts where they'll be able to engage with the Creators. Obviously, screen sharing or screen recording is prohibited, according to Instagram's terms and conditions (i.e. Creators can report you for sharing their content without permission.)
The benefits provided by the Creators to their Subscribers include:
1. Subscriber Stories
Creators will have the opportunity to offer exclusive Subscriber-only Stories, with interactive stickers, polls, behind-the-scenes clips and other content -- and Subscribers receive a special purple badge that helps them stand out among commenters. These Subscriber-only Stories will be indicated with the purple ring (similar to the green ring for Close Friend Stories).
2. Subscriber Lives
Subscribers will be alerted to exclusives LIVES and broadcasts where they'll be able to engage with the Creators. The general audience will likely be smaller due to Subscription-only followers, so it's a great opportunity for a deeper connection to your favorite Creators.
3. Subscriber Badges
Subscribers will also receive special badges that will help Creators easily identify their Subscribers. Badges will have a purple indicator next to their username to help Subscribers stand out in public comment sections, Creators' message request folders in DMs or anywhere across the app.
How to Subscribe
Subscribers will sign-up to access their favorite Creator's content through traditional in-app purchases, where the Creators can unlock a "Subscribe" button on their profile and offer the aforementioned benefits to their Subscribers (see left; for example purposes only).
* At this time, Instagram isn't taking a percentage of the Creators' revenues, at least until 2023.
At this time, there's no analytics for Creators to track other than their total estimated earnings, Subscribers and cancellations. There's no ability to export email lists or data but in the future, Instagram hopes to build in-app tools to help Creators connect "off-line" with their Subscribers.
Instagram Subscriptions is a great way to keep your followers centralized without having to switch platforms. This feature will help Creators have close conversations, build relationships and provide value to their audience, just as they always have. But now, as Mark Zuckerberg says, these tools can truly help "Creators to make a living doing creative work and to put these tools in more Creators' hands soon." So great ready to reap the rewards of all your creative hard work!
Written by Alexandra Reilly CEO of LadyBoss Global Media LLC
(Sources: Instagram.com, Techcrunch.com)
LadyBoss Global Media offers custom client consulting, platform optimization, monthly management, content creation, email marketing creation and consulting, campaigns, social media event day management, photography, videography, and much more! Alexandra has spoken to many audiences teaching social media principals and tips customized for their field and has worked with men and women from many different industries throughout the United States and Canada.
Contact Alexandra at Alexandra@ladybossglobalmedia.com