Instagram has been facing a bit of a crisis recently as it started to lag behind other platforms in terms of the monetization options that it could end up giving to various creators that are out there. Patreon changed the game when it comes to creators’ abilities to monetize their content by making it so that fans and followers could give the creator a set amount of money each month to support them, and YouTube and Twitter have offered versions of such a service as well through their Channel Membership and Super Follow options respectively.
According to company head Adam Mosseri, Facebook’s visual-based subsidiary is looking to get up to speed in this regard first and foremost with a new subscription feature. This would potentially make it so that users who enjoy someone’s Instagram account would be able to pay them to give them a new revenue stream.
This might make certain classes of creators and influencers whose content is better served by Instagram’s platform prefer this social media site to all others. Basically, Instagram knows that a lot of its creators are outsourcing their monetization to other sites like Patreon, and they want to start circulating that money within their own ecosystem.
The social media platform is also looking to innovate with new forms of monetization according to Mosseri. This would include the potential establishing of an NFT marketplace, something that has never been done before on a social media platform. Social media is being combined with a lot of other areas to create a holistic ecosystem for creators, so it makes sense that Instagram would want to get a piece of the pie.
After all, most creators and influencers are going to make NFTs of their popular or viral content, and if they get to put these NFTs up on an Instagram based marketplace then this could greatly improve Instagram’s value in the long run.
A third form of monetization that Instagram is looking to offer involves the creation of a creator fund. This would pay money directly to influencers and creators, but the fact of the matter is that Mosseri does not seem all that excited about this option. He claims that he wants to help artists generate independent sources of revenue rather than give them money directly, but he hopes that the creator fund would help lesser known creators get a bit of the spotlight.
TikTok has been a direct influence on many of these changes, and this just further proves how impactful this social media platform has been and continues to be. It will be interesting to see where things go from here in the world of social media.
Read next: Instagram is testing its new Audio Tab in explore to help users discover music easily
According to company head Adam Mosseri, Facebook’s visual-based subsidiary is looking to get up to speed in this regard first and foremost with a new subscription feature. This would potentially make it so that users who enjoy someone’s Instagram account would be able to pay them to give them a new revenue stream.
This might make certain classes of creators and influencers whose content is better served by Instagram’s platform prefer this social media site to all others. Basically, Instagram knows that a lot of its creators are outsourcing their monetization to other sites like Patreon, and they want to start circulating that money within their own ecosystem.
The social media platform is also looking to innovate with new forms of monetization according to Mosseri. This would include the potential establishing of an NFT marketplace, something that has never been done before on a social media platform. Social media is being combined with a lot of other areas to create a holistic ecosystem for creators, so it makes sense that Instagram would want to get a piece of the pie.
After all, most creators and influencers are going to make NFTs of their popular or viral content, and if they get to put these NFTs up on an Instagram based marketplace then this could greatly improve Instagram’s value in the long run.
A third form of monetization that Instagram is looking to offer involves the creation of a creator fund. This would pay money directly to influencers and creators, but the fact of the matter is that Mosseri does not seem all that excited about this option. He claims that he wants to help artists generate independent sources of revenue rather than give them money directly, but he hopes that the creator fund would help lesser known creators get a bit of the spotlight.
TikTok has been a direct influence on many of these changes, and this just further proves how impactful this social media platform has been and continues to be. It will be interesting to see where things go from here in the world of social media.
Read next: Instagram is testing its new Audio Tab in explore to help users discover music easily
