How to Make Money on Instagram in 2024
What was once a “social” platform has transformed into a social selling powerhouse, where more and more creators are turning their social media presence into full-blown careers. In 2024, creators and brands have multiple ways to monetize their Instagram accounts, whether they have a product to sell.
This article explains how to monetize your Instagram account in 2024, regardless of your account following or social selling experience. Before starting, ensure you have a strong Instagram marketing strategy to measure success and continue improving your content.
How to Monetize Your Instagram Account
Over half of US marketers use Instagram Reels for influencer marketing, and UGC content gives brands a 4.5% higher conversion rate than other types of Instagram content, exemplifying the importance of influencer marketing on Instagram.
However, creators aren’t the only ones benefiting from Instagram revenue sharing. Brands can promote and sell products directly through the app and drive traffic to their website, boosting brand awareness and sales. Even those with zero experience can utilize affiliate marketing or open an eCommerce store to earn cash from the network.
Instagram monetization requirements
Anyone can earn money on Instagram, as long as they have initiative, creativity, and a bit of scrapiness. Most monetization options are only eligible for Instagram Business accounts, also unlocking key insights to help understand your content’s performance.
However, some monetization options, such as Instagram Subscriptions and earning Live Badges, have strict requirements. This often includes a minimum follower count of 10,000.
8 Ways to Earn Money on Instagram
Making money on Instagram can look different for everyone – while some may sell products directly from the app, others may try affiliate or UGC marketing to collaborate with brands. No matter the avenue, there is a place for everyone to monetize their Instagram content.
Here are 8 ways to earn money on Instagram and scale your account into a full-time career, a sophisticated side hustle, or an e-commerce dream.
#1. Create sponsored content with brands
The first way to make money on the app is by collaborating with brands to create sponsored content. You may recognize this content, often marked with a “paid partnership” or “sponsored post”. There are numerous ways to secure brand deals, including browsing influencer marketing platforms, reaching out to brands directly, or creating niche-specific content.
When pitching brands, including a media kit will add value to your content and showcase your work. This will give the brand an idea of who you are, and what content they can expect from you. Including examples, results, and case studies can help accomplish this, and measuring your social media metrics can supply you with this data. Follow this guide below to learn which influencer marketing metrics you can include in your media kit:
#2. Try affiliate marketing
Affiliate marketing has a similar idea to influencer marketing, however, this is often a more hands-off process. Major corporations like Amazon and Shopify have programs that are free and easy to apply to. Thanks to the ease of linking landing pages and storefronts in Instagram bios, and now Stories, creators can make sales directly through the app with affiliate marketing.
When a purchase is made from your link, you can earn a certain percentage of the sale. Creators often customize storefronts to organize links, feature images, tell a little about their story, etc. For example, Metricool’s Smartlinks allow users to group multiple links onto one page, with the option to add backgrounds, images, logos, brand colors, etc.
Follow this affiliate marketing guide to learn more tips and strategies for using social media for affiliate marketing:
#3. Open an Instagram shop
If you have an e-commerce store or want to create one, opening an Instagram shop allows you to showcase products on your profile and link your store directly to the app. There are a few requirements to open an Instagram shop, which include:
- Comply with Facebook’s Terms of Service, Commerical Terms, and Community Standards.
- The account must contain product listings available for direct purchase from your website.
- The account owner must be located in one of the support countries to use Facebook and Instagram Commerce platforms.
- Your account must demonstrate trustworthiness including authentic content and presence.
- Product information must contain truthful pricing and availability information. Refind and return policies must be displayed or accessible.
Nuuly’s Instagram store is accessible on their profile, with products linked inside the store, and a return policy is clearly stated at the top.
This Instagram shopping guide walks you through setting up your Instagram shop and best practices to earn money on Instagram from your store.
#4. Set-up paid subscriptions
Instagram Subscriptions allow creators to monetize content by offering exclusive content and benefits to subscribers at a monthly fee. Followers can subscribe through an in-app purchase on their device.
Paid subscriptions are a monetization feature that includes certain requirements. These include:
- Must be at least 18 years old
- Must have a professional Instagram account with at least 10,000 followers
- Account must abide by Community Guidelines and Content Monetization Policies
- Meet Instagram’s Partner Monetization Policies
- Agree to Instagram Subscription Terms of Use
This feature allows creators to foster follower relationships while earning a recurring monthly income. Creators can set their subscription prices and decide which content to monetize, such as Lives, Stories, Chats, posts, and Reels. Subscribers will receive a purple badge after subscribing.
#5. Sell products or services with product tags or bio links
If you have products or digital services to sell, utilizing Instagram’s product tags and linking in your bio can generate cash. This is also a way to make money without relying on brand or affiliate partnerships. Product tags are available in posts, Stories, and Reels, allowing you to promote products or services using multiple formats.
Creator @violette_fr does a great job tagging products in her post to feature new product lines and products.
Adding a link store in your bio can also drive traffic to multiple sites or promotions simultaneously. We recommend using a link in bio tool like Metricool’s SmartLinks to centralize and customize your links page.
Add custom backgrounds, change button colors, insert media and social posts, and analyze clicks and CTR rates.
#6. Receive Live Badges from fans
Did you know you can earn money by going live on Instagram? When creators go Live with badges, viewers can buy badges to support them. This option is available for all eligible creators in the US. Eligibility includes:
- Creators must comply with Instagram’s Partner Monetization Policies and Community Guidelines
- Must be at least 18 years old
- Have at least 10,000 followers
Creators can check their eligibility by heading to Settings > Creator > Badges. Badges are available in $0.99, $1.99, and $4.99 increments. For example, fitness creator @charleeatkins uses her Live videos to share fitness tips while connecting with her online community.
#7. Advertise on Instagram
Running Instagram campaigns is a way to turn organic content into paid ads. There are two ways to do this: boosting your Instagram post or creating an ad campaign from scratch. Paid campaigns allow brands to target their ideal audience and expand their reach.
You can recognize ads with the “Sponsored” label under the brand or creator’s name, so you know this is a paid campaign. These can appear between posts, Stories, and Reels, offering a seamless placement for users.
You can also run Facebook and Instagram ads simultaneously using Metricool or Meta Ads Manager, maximizing your campaign efforts. Here is a full Instagram Ads guide below to learn more:
#8. Give UGC a go
UGC, a.k.a User-Generated Content, has taken off in 2024. Modern UGC allows creators without brand affiliation to create authentic content. While this content can be hard to decipher from paid partnerships, this type of marketing is normally less expensive and intrusive than influencer marketing.
As we recommended with brand partnerships, creating a UGC portfolio shows brands why they would be a right fit and how your content can benefit them. Here is a guide to creating your UGC portfolio from scratch:
Creator @skinwithclouds creates UGC content with numerous skin care products she recommends to her followers. Here is an example:
While some creators create talking-head videos to promote products, many UGC creators create high-quality content without needing to be in the frame. Below is a video to help you build a UGC strategy and earn money by promoting your favorite products.
