Instagram Monetization: How to Monetize Instagram in 2023

Instagram is one of the most popular social media platforms available and continues to grow at an exponential rate. Given the sheer size of its user base, it’s almost guaranteed that there will be a niche audience suitable for your content. This means it is likely that you can monetize your Instagram content. 

Instagram has recently announced new Instagram monetization features that will benefit brands and creators alike. 

We’ve pulled together an Instagram monetization guide to help you make the most from your Instagram content.

Source: Josh Ryan Youtube Channel

Instagram monetization features

Instagram Monetization: Creator Shops

Instagram hosted a week dedicated to helping creators grow using Instagram tools. Within this week, the platform announced Creator Shops.

Creator Shops allow Instagram creators to sell their own products and merchandise in two ways:

1. Creators that already have an existing product offering can link their shop to their personal and business profiles
2. Creators new to Shops can set up a shop by linking their account to one of Instagram’s merchandise partners. 

Instagram Monetization: Affiliate Commerce Program

Instagram has introduced an affiliate commerce program available to creators and influencers on the platform. This program allows creators to earn commission when they generate a sale for a brand through the app.

The program allows influencers to tag products in their content, and will inform users that their purchase will directly support the creator. 

Instagram Monetization: Branded Content Marketplace

The branded content marketplace hopes to match brands with emerging influencers that are an ideal fit for their audience. The marketplace will help brands find creators that are uniquely aligned with the work they are trying to do.  

By helping with matchmaking, Instagram is helping smaller creators monetize their content. 

Instagram Monetization: IGTV

IGTV monetization has begun being rolled out to selected creators to test in-stream ads in their IGTV videos. IGTV monetization will allow creators to earn money by playing short ads along with their IGTV content. 

The criteria for IGTV monetization hasn’t been revealed yet, but it could follow Facebook’s monetization eligibility standards, and require 10K followers and videos that are more than 3 minutes long and have more than 30K one minute views over the previous two months. 

Instagram Monetization: Sponsored Posts

Influencer marketing is one of the most popular Instagram monetization methods. Influencers of all sizes can work with brands in sponsored posts and help spread awareness about a brand’s offerings. Sponsored posts should blend in authentically with other content posted by the influencer. 

FAQs

Can you monetize on Instagram?

Absolutely. Instagram is one of the best platforms to earn money on. To enable Instagram monetization, you need to have a Creator Account and be approved by a brand to tag their products in your post. You can also turn on IGTV monetization for ads.

When should I monetize my Instagram?

While there isn’t an official Instagram monetization criteria, it is recommended that influencers have around 10,000 followers and an engagement rate of 2.5 before implementing Instagram monetization.

Is it easier to make money on YouTube or Instagram?

It’s important to note that it can be difficult to make money on both platforms. However, Instagram offers more types of content features that influencers are able to monetize, meaning they have more chances of earning money. 

YouTube typically pays better than Instagram, with creators earning nearly double the amount.

How much does Instagram pay you for 1 million views?

The amount of money influencers earn from Instagram monetization varies. For 1 million views, influencers could earn anything from £2,000 to £14,000+. 

How many IG followers do you need to make money?

It does not matter how many followers you have on Instagram to make money. The key Instagram monetization criteria brands look for is engagement. You could have a smaller number of followers, but an incredibly high engagement rate and earn a decent amount. 

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