How to make money on Instagram

Proven strategies for everyone in 2024

Entertainment | written by Akriti Chauhan | Created: January 19, 2024

Instagram isn't just a platform for photo sharing and social networking but, it's a great marketplace for brands and content creators to transform their influence and creativity into revenue streams. In this article, we will walk you through various strategies on how brands and independent content creators can leverage the power of Instagram in making money.

Can you really make money from Instagram?

The answer is a simple ‘YES’. It is possible to make money on Instagram through various strategies and monetization methods. In fact, Meta CEO Mark Zuckerberg at the company’s first-ever Creator Week in June 2021 quoted, “Our goal is to be the best platform for creators like you to make a living.”

How to make money on Instagram?

With its vast user base and engagement potential, Instagram offers numerous avenues for monetization. Here's an in-depth exploration of how both content creators and brands can leverage Instagram to make money.

For Content Creators:

1. Become a content creator: You can become a content creator by building a dedicated fan-following for yourself. By consistent sharing of high-quality content within a specific niche, you’ll notice significant growth in your followership. And, as that count grows, you can further collaborate with brands for sponsored content, receiving payment, free products, or other compensation. Partnerships with brands can take many forms: you might be paid to make an Instagram post that features a specific product or be offered free products in exchange for content. To get started, try making a few posts that feature some of your favorite things—restaurants, skincare, whatever feels true to you—for free. You can then point to those posts as examples when you’re reaching out to brands.

2. Join an affiliate program: This is related to brand partnerships, as joining an affiliate program still requires you to connect yourself to a business that sells specific products or experiences. Affiliate programs essentially pay you to market other people’s products. If your followers buy something from the brand through you—usually using a specific link or discount code—you get paid.

3. Ecommerce: Explore entrepreneurship by selling your physical products, digital products or services. You can manage your own inventory or opt for drop-shipping, the choices to sell directly to your audience and connect at a personal level is immense. You have the flexibility to create custom products that your followers like and make money.

4. Reach out to brands: Once you reach an influential status on Instagram, brands will start reaching out to you for sponsorship deals. Alternately, you can reach out to brands directly by joining influencer marketplaces. You can also explore Hipi’s brand outreach that is exclusive to members of the Hipi Creator Select Program. Select creators get exclusive brand sponsorships.

5. Enable Live Badges: Instagram badges are a feature that allow a user to show support to creators during a live video. When you purchase a badge during a live video, a heart icon appears next to your name in the comments. For creators in the U.S., Instagram’s Live Badges is a method of making money directly through the app. During a live video, viewers can purchase the badges (which cost between $0.99 and $4.99) to show their support. However, this feature might not be available in India just yet.

Do you know where else you can avail badges? On Hipi. Yup! The badges on Hipi are a recognition of your art as you grow as a creator on Hipi. It entitles you to access exclusive creator benefits and rewards. There are four badges that a creator on Hipi is entitled to. As one starts to rise the badge levels, closer they get to monetization and growth. To know more on Hipi’s exclusive badges read here: https://www.hipi.co.in/badges

6. Monetization Programs: Eligible content creators can monetize their reels content through Instagram's Partner Program, earning a share of revenue generated from ads displayed on their videos. Checkout Hipi’s exclusive ‘Creator Select Program’, where creators can monetize their videos basis the product clicks received on them.

7. Instagram Subscription- Instagram Subscriptions allow creators to monetize by offering exclusive content and benefits to their most engaged followers at a monthly fee. Followers can subscribe through an in-app purchase on their mobile device. Once a creator has enabled Subscriptions, followers will see a notification in their activity feed and on their profile so they can subscribe to their creators. This feature has been rolled out to US users only and expected to go global soon. If you already have a subscription-based offering, then you can funnel users from Instagram to your platform.

For Brands:-

Employing a strategic approach that goes beyond immediate revenue goals, brands harness Instagram as a dynamic platform to expand their market reach and cultivate highly targeted sales. Instead of solely prioritizing direct monetary transactions, brands place a strong emphasis on developing a robust online presence, generating engaging and informative content, and nurturing a dedicated community of followers. Utilizing a combination of educational posts, interactive features, influencer collaborations, and behind-the-scenes glimpses, their objective is to establish brand authority, authenticity, and trust among customers.

This strategy extends beyond the platform's confines, using Instagram as a catalyst to raise awareness, foster loyalty, and engage with the community. Ultimately, this approach contributes to targeted sales through broader channels and the advocacy of loyal brand supporters.

Pro Tip #1 – Make Money as an Influencer

There are platforms working on extensive models, like Instagram’s, where helping creators make a living has become their only priority. One such platform is Hipi: Hipi is a vibrant platform that thrives on diversity in its short videos. From the heartwarming world of pet cuteness to the adrenaline-pumping realm of extreme dance videos, and the hilarious skits that make you laugh till your sides hurt, Hipi brings you a kaleidoscope of content. Whether you're into cooking, fashion, dance, or simply looking for a daily dose of inspiration, Hipi has you covered. With creators from all walks of life, Hipi's short videos span multiple genres, ensuring there's something to captivate and entertain everyone. It's a world where creativity knows no bounds, and every scroll reveals a delightful surprise.

How much money can you make on Instagram?

The amount of money one can make from Instagram varies widely and depends on several factors, including the individual's or brand's niche, engagement rate, follower count, the type of monetization methods used, and the level of influence or impact they have on their audience.

As per the report by ‘The Economic Times’ an influencer can make anywhere starting from ₹5K to ₹3 lakhs and more per post.

If you have 1K-10K followers, you can charge ₹3000-₹4000 on an average per post.

If you have 10K-100K followers, you can up the number to ₹40,000-₹60,000.

If you have 100K-1M followers, the numbers can be ₹1.5 lakh – ₹3.5 lakhs.

However, if you have more than a million followers, brands can pay you ₹4 lakhs or more per deliverable.

Top 5 Indian Instagram Earners in 2024

Naturally, celebrities possess an advantage in fame, instantly amassing thousands of followers upon joining Instagram. However, their success isn't the norm for everyone. Nonetheless, witnessing the substantial earnings potential achievable through social media influence is truly motivating. Presently, here are India’s five highest-earning individuals on Instagram and their charges/ post:

Ashana Shroff – With a net worth of Rs. 37 Cr., she charges Rs 2.65 lakh per post on Instagram

Kritika Khurana – With a net worth of Rs. 15 Cr. The Boho Girl, charges approximately Rs 3.75 lakh for each paid promotion or post on Instagram.

Kusha Kapila – With 3.4 million Instagram following, Kusha Kapila charges more than Rs. 4 Lakh for every static Instagram post

Komal Pandey – With 1.9 million followers, Komal charges around 6 Lakh/ video, Rs. 3-4 Lakh/ static post

Factors that affect income on Instagram

Content quality - High-quality, visually appealing content works well on Instagram. Creativity and uniqueness in your video content deeply resonates with Instagram audience and thus contribute to increased engagement.

Consistency - Regular posting helps maintain and grow your audience. Consistency builds trust with your followers and sets the right expectation.

Followers – Generally, the more followers you have, the greater your potential for income. Brands and advertisers often look for influencers with a significant following to reach a larger audience. This is a broad indicator of your reach.

Engagement - Engagement rate is calculated by likes, comments, and shares relative to your follower count. This is highly indicative of your audience’s involvement with your content. A highly engaged audience is often a great pull for higher remuneration by brands.

Audience type - Your niche and the interests of your audience play a vital role. Brands seek influencers whose content aligns with their products or services. The demographics of your audience, including age, location, and interests, influence the type of brands interested in collaborating with you. This affects the income potential of partnerships.

Instagram feature adoption - Leveraging Instagram features like IGTV, Reels, Stories, and live video can enhance your visibility and engagement. Diversifying your content can attract a broader audience. Mixing up the features is also a great hook to reach a wider audience and keep them engaged.

Trend follower - Staying updated on current market trends and posting at optimal times can enhance the visibility of your content. Trends often attract more engagement and potential collaborations. As a creator, following the trend allows you to keep creating content that keeps your audience always engaged.

It's important to note that while some individuals or brands might make substantial earnings from Instagram, others might generate more modest incomes. Success on Instagram requires consistent effort, dedication, engagement with the audience, and staying authentic to maintain a loyal following. Additionally, earnings can fluctuate and may not always be consistent due to changes in algorithms, market trends, or the competitive landscape on the platform. Building a loyal and engaged following is crucial to effectively monetizing an Instagram presence. Additionally, it's essential to comply with Instagram's stringent guidelines and policies, especially when it comes to sponsored content and advertising.

Pro Tip #2 – Become a successful social media influencer.

While becoming a successful creator on Instagram is certainly not easy owing to a seemingly saturated audience, there are platforms that make it easier by offering similar monetization opportunities and wider reach to untapped Indian audiences. Hipi has been at the forefront of such platforms delivering on the promise of giving an impressive start to creator journeys. With newer audiences and monetization methods, Hipi allows video content creators to establish a strong foothold in the market.