Social media content creators are the engines that drive engagement online and keep us glued to our phones. Creators need to make a living, and many of them monetize their content on off-platform facilities, such as Patreon.
Big tech knows this and is racing to come up with monetization tools to lock in the best and most popular creators within their platforms.
TikTok, Twitter, and Facebook are all offering creators one scheme or the other to make money. Instagram is the latest to join the fray. Here are the details you need to know.
Instagram Launches Test Subscriptions
Instagram has launched a new feature it calls Instagram Subscriptions which will give creators more ways to generate cash from their followers. The feature is currently in the testing stage and is only available to a small group of 10 US-based creators.
The participating creators are allowed to offer their followers exclusive access to their Live videos and Stories for varying amounts.
The subscription amounts vary from $0.99 to $99.99 per month. The creators have a selection of eight price points to choose from within this range. Instagram will not take a cut from the creators for the time being. The earliest they may start doing so is 2023.
These are the participating creators: @alanchikinchow, @sedona._, @alizakelly, @kelseylynncook, @elliottnorris, @jordanchiles, @jackjerry, @bunnymichael, @donalleniii, and @lonnieiiv.
Once the testing period is over, Instagram expects to roll out the feature to all.
What's in It for the Fans?
According to Instagram, fans will get access to "Subscriber Lives," which gives them access to exclusive broadcasts from their favorite creators. Fans will have the opportunity to engage with the creator more deeply since the viewing audience will be smaller.
Fans will also get access to "Subscriber Stories," where creators create Stories just for their subscribers, allowing them to share exclusive content and to use interactive Story stickers with their most engaged followers only.
In addition to gaining access to subscriber-only content, fans also get a purple badge next to their username, which elevates them above other followers. This brings them to the attention of the creator when they comment on the content or DM the creator.
On the downside, non-subscribing users will lose access to some of their favorite Instagrammers' content.
Creators Have the Upper Hand
Big tech knows they need creators and all of them are racing to find ways to lock in the top talent in their platforms. Influencer Marketing Hub says that the creator economy is over $100 billion.
That's a lot of money, even for big tech. In due course, the biggest and richest entertainers will no longer be found in Hollywood. They will be in your phone.