2021 Instagram updates: How to earn money from your content.
The creator economy has seen a record $1.3B in funding in 2021 alone. The rise of platforms like YouTube, TikTok, and Instagram have given content creators, and businesses, an opportunity to reach mass audiences and get paid for it. And all from the comfort of their own homes. Not bad for a day’s work, huh?
With 50 million creators worldwide, Instagram has updated its tools and features for monetization. So, how can you earn money from your business’ content? Read on to discover new Instagram updates in 2021 to monetize your content.
Live badges
In May 2020, Instagram introduced Live Badges. This allowed followers to support creators during live broadcasts by purchasing ‘hearts’, ranging from 99 cents to $4.99.
Your followers can now ‘tip’ you during Instagram Live videos in the form of heart badges. During the live chat, you can see which of your followers have bought a badge thanks to the heart icon that appears next to their name.
Live Badges are capped at 250 USD per broadcast for every viewer.
Native affiliate tool
Instagram unveiled its new ‘native affiliate tool’ in June 2021. This tool will allow creators to earn a commission for the purchases their followers make within the platform.
Previously, only select creators and influencers could tag products from the brands they work with on Instagram. However, there was little monetary incentive for creators to share products on their accounts.
Now, thanks to the native affiliate tool, creators will be able to discover more products on checkout and share them with their followers. This allows them to earn commissions on the sales they promote.
All affiliate posts will feature an ‘eligible for commission’ text to inform followers that any purchase they make will support that creator.
Launch a video streaming service
If your followers are active and engaged on your Instagram feed, it’s likely that they would pay a membership to access a private community and premium content.
Offer your followers a subscription-style video streaming service. In other words, a paid membership that allows access to your exclusive, high-quality video content.
Your video content can be anything your followers would find beneficial – entertainment, education, inspiration, anything! Not only does this allow you to expand your content, but it also gives your loyal followers more value.
And as your followers pay a monthly subscription fee to access your quality content, you will be earning a consistent and livable wage for your work – a wage that you set the price for.
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