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Instagram announces new money-making features

Posted on May 4, 2021

 

In what appears to be a growing trend for social networks this year, Instagram has announced its plans to introduce new ways for content creators to earn money on its app.

Instagram joins Clubhouse, Twitter and Facebook in announcing new ways for content creators to make money this year. The new features were announced in a livestream last week, which featured Facebook’s CEO Mark Zuckerberg and Instagram’s Chief Adam Mosseri.

With the planned new features, content creators will be able to earn money through three channels: brand partnerships, the selling of merchandise, and the recommendation of affiliate products to their followers.

Now, if you’re an Instagram user, these channels may sound familiar. That’s because creators can and do use these channels already to make money, with #AD and #AFF, which indicate a brand partnership and affiliate link respectively, being commonplace on the accounts of creators, otherwise known as “influencers”. However, while Instagram users can make money using these means already, they have to do it off of their own back, meaning they have to reach out to brands themselves, sign up to an affiliate scheme and set up their own online shop.

With Instagram’s plans, this whole process will be streamlined, and content creators will be able to do everything from within the app itself. In order for creators and brands to connect, Instagram is in the midst of developing a marketplace-type of platform for brands to use to discover and partner up with creators.

In addition, similarly to Instagram and Facebook Shops, which can only be used by business accounts, the app is working on an extension of this for creators to sell products directly on their profiles.

Finally, a marketplace for affiliate recommendations is in the works. This will make it easier for content creators to earn a cut of the sales for items they recommend to their followers, and it may offer more enticing terms than the existing off-app affiliate link schemes many influencers use.

These new features obviously provide the benefits of saving time and convenience for creators, and they also benefit Instagram itself, as the social network makes no money off content creators when they do these processes themselves. While the exact details are not yet known, it’s fair to assume that some sort of fees or commission will be taken from Instagram for providing this convenient new service.

As of yet, no release date for these features has been given, but content creators and businesses looking to partner up should keep a sharp eye out for any developments.

In the meantime, if you’re looking to make more money on the web, whether it’s through online advertising or the establishment of an online shop, why not give our team at Engage Web a call?

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