In any case, lately social networks are starting to change their minds. After Twitter and Only Fans, very soon the social network Instagram will introduce a paid formula for its subscribers. The network has just started a first test phase, which will determine the company’s strategy for the next few years.
Instagram: a premier social network
In 2010, American Kevin Systrom and Brazilian Michel Mike Krieger created and launched an application for sharing photos and videos: Instagram. The application quickly gained great enthusiasm and quickly turned into a full-fledged social network, just like Facebook and Twitter. In the summer of 2012, Facebook bought Instagram for the modest sum of $747 million. But the app retains its identity and creative freedom.
While Instagram was previously free for all users over the age of 13, the social network will soon be launching a paid version. Like Twitter and its Super Follows recently, Instagram is testing a whole new formula. Inspired by the success of Only Fans, which offers exclusive content for a fee, Instagram will launch its premium formula. According to the TechCrunch website, the company recruited 10 new content creators last November to test out this new feature.
We go to the bank
The Facebook subsidiary will therefore offer subscribers to subscribe between $0.99 and $99.99 per month to access exclusive content. Reels, stories, unpublished publications offered by renowned influencers. Among the first selected content creators, influencer Alan Chikin Chow, basketball player Sedona Prince and dancer Kelsey Cook will lend their talents to Instagram to test this new paid version.
Instagram’s goal is obviously to compete with other applications on the market, especially TikTok, which is very popular among young people. With this paid formula, content creators on Instagram receive additional compensation that encourages them to stick with the application. The company clarified that no commission will be charged for this premium version before 2023. All subscriptions are donated to content creators. Instagram Co-Director Ashley Yuki said:
Our main focus here is to help creative people make a living. We try to find as many ways as possible to create monetization products.
If the experiment is successful, Instagram will apply this method to all creators willing to opt for this system. At the moment, this feature is only being tested in the United States. Too bad for the users who have to checkout to see more about their favorite content creators.