How to Monetize Instagram Account in 2024: 7+ Actionable Ways

Facing difficulties in making a profit from your Instagram account? You are not the only one struggling with this issue. A large part of Instagram users have high-quality content but fail to monetize their accounts. It is very frustrating to see zero results while you have already given lots of effort. Without a proper monetization strategy, you might miss the opportunity to earn.

There are various actionable ways how to monetize Instagram account. In this blog post, I have prepared a list of 7+ actionable ways how to monetize Instagram accounts effectively in 2024.

From paid sponsorships to Instagram shopping, I am going to discuss all the monetization strategies you need. I am also going to highlight some proven ways how to convert your followers into revenue & their implementation.

Are you ready to convert your Instagram account into a profit-making element? Let’s embark on this money-making journey today!

Start Your Earnings Today!

Join W3 Web School’s Social Media Marketing Course & Learn the Most Effective Instagram Monetization Strategies!

What Is Instagram Monetization?

Before moving towards the 7+ actionable ways how to monetize Instagram account, I am discussing the term “Instagram Monetization.”

Obviously, the term ‘Monetization’ is linked to monetary gains or money. So, Instagram monetization is the method of earning profit from using your Instagram account. It includes different actionable strategies or tips to make an additional source of income from your followers & high-quality, engaging content, whether it’s a video, image, or text post. Instagram monetization covers earning money from Reels, posts, or stories.

It is the way to convert your social media presence into a money-making process. All you can do is collaborate with a brand, Sell your merch, use affiliate marketing to earn commission & more! Instagram is the most effective way or social media platform for content monetization.

Start using these monetization strategies today & boost your earnings on this trending social media platform.

Why Monetize Your Instagram Account?

Open the doors to additional income sources with Instagram monetization. Let’s check out the benefits of why, as a content creator or social media expert, you should monetize your Instagram account below!

Convert your passion to profit: Instagram account monetization allows you to convert your passion or love for anything on social media into an additional source of income. This can make your hobby into a financially rewarding aspect of your social media.
Generate extra income: You can generate extra income along with your usual income by using your Instagram account and your followers & make additional revenue streams with different monetization tools or strategies.
Opportunities for brand collaborations: Instagram monetization unfolds various opportunities for brands that resonate with your niche & target audience, offering chances for paid posts & brand partnerships.
Build your brand: You can boost your Instagram influence & build your brand, making yourself an authority in your niches and improving your brand’s reputation.
Higher audience engagement: Various actionable monetization strategies or ways on Instagram can increase audience engagement due to high-quality content & other posts that fit best with the preferences & interests of your target audience.
Enhanced reach & exposure: Monetization in Instagram often offers higher social media visibility. Brand collaborations or partnerships in Instagram monetization can highlight your unique content to new audiences. This allows you to expand your reach & following even more!

Cross-promotion: Monetization strategies often allow cross-promotion of Instagram with other social media platforms, boosting the reach of Instagram more!

How Many Followers One Need to Monetize Instagram Account?

You don’t even need to have millions of followers in your Instagram account to monetize & earn extra money! Once you have reached 1000 followers, you can apply for Instagram monetization as a creator account. With less than just 10,000 followers, a large number of popular influencers have started their Instagram monetization journey.

Follower engagement is very important while it’s about Instagram Monetization. High audience engagement is the key to success in making money through this social media platform. Big brands are usually looking for accounts that have a minimum of 10,000 followers for collaborations as an effective monetization strategy.

As a creator, you can monetize your account on Instagram after making a large follower base. One thing you always need to keep in mind is not to buy any followers, as these fake followers don’t even help you earn money.

How to Monetize Instagram Account: 7+ Best Strategies for Creators

Below, I will zoom in on 7+ best strategies for creators on how to Monetize Instagram account in 2024.

Instagram Subscriptions

Want to know about the major effective way how to monetize Instagram account?

You must enable Instagram Subscriptions!

Instagram Paid Subscriptions is an Instagram monetization tool that enables creators to make money by providing paid accessibility to high-quality content such as feed posts, videos, or stories for their niche followers. Through this, you can offer this engaging content to your followers in exchange for a monthly subscription fee, activating your additional ways to earn money from social media platforms.

This monetization tool is best for expert content creators with a large & loyal fan following who have expertise in live streaming & full-time content creators. To enable this monetization tool, you must have reached at least 10,000 followers and have crossed the age of 18 years.

This monetization strategy is not recommended for business owners, part-time content creators, or amateur content creators.

Brand Collaboration

Another effective strategy how to monetize Instagram account is via brand partnerships or brand collaborations. If you have higher engaging audience, you can now start collaborating with various brands to make paid content.

Collaborating with brands that resonate with your target niche helps you to promote your offerings, like products or unique services.

An Influencer on Instagram is a creator that has a huge influence on their loyal follower base. As a creator or influencer, you are an icon or trendsetter whom they can trust when it comes to brands of the same interests.

Various famous brands pay a specific amount of money to influencers for sponsored posts, reels & stories through which they can promote the unique offerings of these popular brands. It is very important to become very picky about choosing some brands with which you work or collaborate to earn money in 2024.

Ads on Reels

Want to know another hidden, effective way how to monetize Instagram account in 2024 & start your money-making journey? Go for Ads on Reels!

Instagram Ads on Reels is now buzzing around social media for being the most popular content types over Instagram. As the bonus program on Instagram is still there, Creators can get their commission from this new Instagram monetization feature, “Ads on Reels.” Creators are offered revenue from Instagram reels, which are purely performance-based.

If you are a creator or social media influencer you should use Instagram Reels for account monetization through the incorporation of ads. Instagram enables influencers to make money through Instagram ads, which are displayed through Reels. If you create highly engaging & top-quality ads and reels that grab the attention of your audience, you will boost your profit-making possibilities for these advertisements.

Instagram Ads on Reels are now the best actionable way to expand your reach and Instagram account as a means of monetization feature.

Instagram Live Badges

First launched in 2021, Instagram Live Badges are a significant & effective way how to monetize Instagram accounts. Live badges are the special element of Instagram monetization through which you can get reviews or helpful tips for making highly engaging content they resonate with. We all are pretty habituated to TikTik’s tip-based feature.

The eligibility to enable the Live batch feature, you must have reached 10,000 followers and crossed the age of 18 years. You must also follow the monetization guidelines & policies of Instagram to run your money-earning journey smoothly without any interruptions.

All you have to do is activate your Instagram badges at the time of live streaming. Four things you should always keep in mind are to build a loyal & highly engaging following, host live streaming, promote live streaming & support those who purchase badges.

This feature is best for business owners, Instagram influencers & content creators with live-streaming experience & large following. This monetization tool is a big no for lifestyle bloggers who are not sharing any useful or engaging content. Explore the ways how to monetize your Instagram account by using Live badges to convert your live content to generate additional earnings.

Influencer Marketing

This is known as another major effective way of Instagram monetization, and there are types of influencers who can avail of this monetization tool. The various types of influencers are Nano-influencer with 1k to 10k followers, Micro-influencers with 10k to 50k followers, Mid-tier influencers with 50k to 500,000 followers, macro influencers with 500,000 to 1 million followers & mega influencers with more than 1 million followers.

The amount of money differs depending on the number of followers and their engagement. Celebrity accounts receive a higher amount of money as they have reached millions of followers with highly engaging content. With just one post, such celebrity influencers are creating buzz over social media platforms & earning a remarkable amount of money.

This feature allows a creator to partner with popular brands and promote their unique offerings through sponsored posts, stories, or reels.

Selling Own Merch

Once you have reached the maximum number of loyal followers to become eligible for Instagram monetization, you must sell your own merch to boost your presence on Instagram. All you need to do is start making your own branded products or services, setting up an online store, promoting the merchandise, offering special coupons & discounts, and lastly, engaging the niche community for better earnings. If you know the tricks of Instagram monetization, then selling your own merch is not that difficult for you.

It is viewed as one of the best ways to monetize an Instagram account is to sell your own merchandise. Selling branded products on Instagram is a great social media marketing strategy to earn profit.

Instagram Shopping

Another major way how to monetize Instagram account is to enable the Instagram shopping feature. This is a booming element to earn additional income in 2024 by showcasing your products in your own store.

You will able to tag & sell affiliated products directly through your Instagram posts or stories, starting your money-making journey. You can also tag your branded products in reels and live streaming. Each time a follower of yours buys a product by clicking on your link, you will get a specific amount of commission from this.

Social selling is the most important aspect of today’s social media monetization world, which continues to expand with increasing followers. Millions of Instagram features are using these Instagram Shopping tags each month & boost the earnings of creators or influencers.

Instagram Shop allows you to customize your products and make exclusive collections according to popular occasions and themes.

Affiliate Marketing

You can not ignore the feature of affiliate marketing when it comes to Instagram monetization and earning money. As an influencer marketer, it opens the door to making money on Instagram. Collaboration with various popular brands is a great as well as actionable strategy to find ways how to monetize your Instagram account.

This feature enables you to link your account to a brand selling different products or services. Businesses or popular brands are offering a specific amount of commissions to the influencer when users buy a product by clicking on the affiliate link displayed on the feed post, reels, or stories. The greatest way to monetize your Instagram account through affiliate marketing is to suggest the services or products that have already been used by you with your natural feedback.

Wrapping up,

Now that you have a proper idea of how to monetize Instagram account and social media visibility, it’s your turn to convert your passion into a money-earning potential. If you want to start making money from this specific social media channel but are scared of taking the first step, Go for these above-mentioned monetization tools.

You can count on Instagram to bring a huge amount of additional income in exchange for a full-time content creation. As long as you generate high-quality, engaging content, you can get higher audience reach & you are exactly at the place where you are meant to be as a content realtor to make an ample amount of money on Instagram.