With social media audiences at an all time high, there’s no better time to start making money from your Instagram account. Here, Chris Poohachoff (CEO, YoFan) explains how to monetize Instagram in 2023 using some of the freshest tools and techniques—even those that are still in the making.
When the coronavirus pandemic hit, it caused spikes in unemployment rates globally. Having lost their jobs, many people started looking for alternative sources of income in order to make ends meet and provide for their families and themselves.
The creator industry was one of those that saw the biggest influx of new participants. Unable to go out due to lockdown and social distancing restrictions, people took to social networks instead.
But even before 2020, influencers were a pretty big deal. They helped businesses of all sizes reach their target customer audience, showcase their most recent products, test numerous marketing hypotheses, and boost sales and loyalty.
Needless to say, posting on social media has become a full-fledged profession itself. And after turning pro, bloggers become full-time entrepreneurs. A new market—one for creators—has been established.
According to Forbes, the creator economy is currently worth a whopping US$100 billion, with the number of content producers around the world standing at 50 million. What’s interesting is that 96% of them are amateurs, which means that the entry barrier is really low and anyone can challenge their creative self.
Among social media, Instagram is one of the giants that ranks fourth in terms of monthly active users—or MAU for short—and enjoys being visited by almost 1.5 billion people every month.
In this guide, we give you our top five tips on how to monetize Instagram, along with a bonus tool that hasn’t dropped yet.
1) Collaborate with brands
The only way to…