Paid subscriptions are currently sprouting up everywhere in the social media world. So it’s no wonder that Instagram is now also getting into the paid subscription business.
The top places in the world of social networks are fiercely contested. In order to keep famous and popular influencers on their own platform, the creators of the apps have to keep coming up with innovations.
At the top of the list are most likely the monetization options. Instagram is now launching an initial test phase for subscriptions.
What does the test phase of the subscriptions look like?
The first test of paid subscriptions on Instagram has started in the US. Only ten influencers are on board for the start. These include influencer @alanchikinchow, basketball player @sedona._ and Olympic silver medalist @jordanchiles.
They can now offer their followers additional content. For a subscription fee, they can access exclusive live videos and stories. In return, fans receive a special badge for their account.
So Instagram has not reinvented the wheel of paid subscriptions. However, the creative people on the platform are likely to be pleased with the new money-making opportunity.
What do the subscriptions cost?
Those who decide to sign up for a paid subscription for their favorite influencers get access to saved subscription content, such as Stories highlights.
Influencers can set the price for access to this exclusive content themselves. Instagram provides an eight-tier pricing model for this purpose.
They can choose between a monthly fee of $0.99 and $99.99. Influencers can therefore decide for themselves what they think their content is worth.
Instagram leaves room for experimentation, especially in the lower price levels. After $0.99, the price levels $1.99, $2.99, and $4.99 follow. Only then does it get more expensive with $9.99. This is followed by the penultimate two levels of $19.99 and $49.99.
What could Instagram Subscriptions look like in the future?
The social network’s new feature had already been spotted in the app stores in November. So with the launch of the Alphabet, Instagram is taking its efforts to the next level.
For starters, the platform – much like sister company Facebook – doesn’t want to take a cut of influencer revenue. “The same applies to us as to Meta – we won’t take a revenue share until at least 2023,” TechCrunch quotes Instagram’s Co-Head of Product Ashley Yuki.
Our main goal is to help Creators earn a living. We want to explore all the possibilities of developing monetization products for this purpose.
For this purpose, the subscription models at Meta could also be connected in a next step. It was only at the end of 2021 that Facebook revamped its paid subscriptions.
“In this alpha version, that’s not implemented yet. But that’s something we could definitely consider for the future,” Ashley Yuki commented.