11 Different Ways To Monetize Instagram In 2024

Instagram monetization is the strategy of turning your passion, creativity, and audience into a source of income. It’s more than just selling your own products or services on the platform (though you can do that, too).

With monetization, you’re getting paid directly for the photos, videos, and stories you share. It’s about partnering with brands, encouraging audience support, and using Instagram’s built-in tools to create a revenue stream.

Whether you’re a budding influencer or an established business, Instagram monetization opens up exciting possibilities for financial growth and freedom.

Think about what excites you most about building a business. Is it the extra income? Working for yourself? Having creative freedom? With Instagram monetization, those dreams are more than possible — they’re probable. 

Here’s what you can achieve:

Build Multiple Income Streams

Don’t put all your eggs in one financial basket. Instagram monetization diversifies your income, so you’re relying on more than just your day job or occasional client project.

Pursue Your Passions

What do you love to talk about and share? With Instagram, you can get paid to do just that. That hiking hobby might become your next big side hustle.

Connect With Your Community

Your followers are the backbone of your monetization success. As you earn income, it creates more resources to strengthen that community with engaging content, fun giveaways, and special experiences.

Gain Creative Control

When brands and devoted fans support you, it gives you more freedom to say no to projects that don’t align with your goals and values.

These benefits are real. I’ve built my personal brand by making the most of social media platforms like Instagram. My audience is engaged, returning, and converting on Founder OS. I’ve built myself an $8.7 million/year empire — and it’s still growing. 

Don’t worry if you aren’t ready for global collaborations or thousands of supporters just yet. Instagram monetization is scalable. Even with a dedicated niche audience, you can earn additional income to support your passion project.

Monetizing isn’t a matter of throwing up some random content and expecting the cash to flow. It takes dedication and the right approach. 

Here’s your guide to Instagram success:

Master the Art of Engagement

Before you can even think about monetizing, you need to have an audience that loves interacting with your content. Becoming an Instagram engagement master means knowing who you’re talking to and giving them something they can’t resist.

• Find Your Niche: Don’t be a generalist. What sets you apart? Are you a gamer with a thriving retro collection? A fashionista with a knack for thrifty finds? Be sure to focus on your unique strengths.
• Quality Over Quantity: A small number of high-quality, on-brand posts will always outshine a bunch of mediocre ones.
• Tell Stories: People connect with people, not products. Share your wins, losses, and the real you behind the lens.
• Get Interactive: Ask questions in captions, respond to comments, host live Q&As. Make your community feel seen.

So, you’ve mastered engagement and built a solid foundation for monetization. But an audience alone doesn’t pay the bills. Let’s talk about building loyal followers who’ll become your biggest financial supporters.

Build a Loyal Tribe

An engaged audience is nice, but a tribe of dedicated fans is where the real monetization magic happens. 

Here’s how to convert casual followers into super fans who will gladly support your endeavors:

• Consistency Is King: Regular posting (even if it’s just three times a week) builds trust and keeps you top-of-mind.
• Network Up: Collaborate with other creators in your niche — cross-promotion can be a powerful growth accelerator.
• Support Others: Show love to brands and accounts you admire. Genuine engagement attracts a genuine following.
• Analyze and Adapt: Pay attention to what content gets the best response, and do more of that. Instagram Insights is your primary ally for this.

Remember, consistency and genuine support are the keys to building a loyal Instagram following. Now that you’ve got an engaged tribe, how do you make sure they instantly recognize your content in their crowded feeds?

Define Your Signature Look

On Instagram, how you present yourself is just as important as the actual content you create. Let’s craft a visual style and a voice that makes you completely unforgettable.

• Visual Appeal: Is your feed bright and playful or moody and minimalist? Pick an aesthetic that aligns with your brand and niche.
• Consistent Editing: Use the same few filters and presets for a cohesive feel.
• Caption It Right: Your voice should be as recognizable as your visuals. Are you witty, inspiring, or conversational?
• Brand Yourself: Don’t be afraid to show your face if it makes sense (it helps build trust). Consider a memorable logo or tagline.

Organic growth takes time, so be patient. Resist the urge to buy followers or cheat with engagement pods — those tactics will harm your account more than help.

Ready for even more? This is only the start. Next, we’ll take a deep dive into specific monetization strategies like brand partnerships, ads, and more.

Ready to turn your Instagram presence into a revenue generator? Instagram offers several amazing tools to let you sell products on the platform, turning those taps and swipes into purchases.

Method 1: Instagram Shop

Your Instagram Shop acts as your own mini storefront within the app. Here’s how it all comes together:

• How It Works: Your Shop becomes a tab on your profile where you can showcase your awesome products directly on Instagram. Followers can browse, learn about items, and make purchases without ever leaving the app.
• How To Set It Up: You’ll need an Instagram Business account and a connected Facebook Business Page. From there, you can set up your shop using Facebook’s Commerce Manager. You can also use a compatible e-commerce platform like Shopify or BigCommerce.

Method 2: Reels Shop Tags

Instagram Reels are huge for audience growth right now, so why not make them work even harder? Shop tags bring in the sales.

• How It Works: Add shoppable tags to products appearing in your Reels. Viewers tap the product, get details, and can easily complete their purchase. It’s a seamless shopping experience that maximizes the power of your videos.
• How To Set It Up: You’ll need an approved Instagram Shop, so make sure you’ve configured that first. Once done, create your Reel and use the “Tag Products” option when editing.

Method 3: Instagram Story Shop Tags

Stories are a super-popular way for people to connect with their favorite accounts. With shop tags, you can capitalize on those daily viewers.

• How It Works: Add a product sticker to your Story with a direct link to purchase on your Instagram Shop. It’s quick, easy, and highly effective for impulse buys.
• How To Set It Up: Like Reels, you need that Instagram Shop set up first. Then, as you create your Story, just hit that sticker button and choose the “Product” sticker. Now you have a shoppable Story.

Please be aware that shoppable features require approval from Instagram. Moreover, they may not be available in all countries. So always check Instagram’s most up-to-date eligibility requirements.

Now here comes the good part. These features are for more than selling physical products. If you sell digital goods, services, or even affiliate products, you can leverage Instagram’s shopping tools. You’ll then be able to drive interest and sales for all of those.

Are you ready for more monetization methods? Let’s talk about getting paid for the content you already create through brand partnerships and more.

Method 4: IGTV Shop Tags

IGTV is perfect for those longer videos where you go into detail about awesome products. Now you can turn those in-depth reviews into instant sales.

• How It Works: Similar to Reels, you add clickable product tags to your IGTV videos. Viewers tap on the tag for more info, making it ridiculously easy to buy that cool gadget you’re showing off.
• How To Set It Up: Your Instagram Shop is step one. When recording and editing IGTV, select “Tag Products” and choose the items featured in your video.

Method 5: IG Live Rooms

Live videos have a way of making viewers feel extra connected to you. With Live Rooms, that connection can be a gateway to increased sales.

• How It Works: During your live broadcast, you can bring in products from your Instagram Shop and pin them to the bottom of the screen. You get to talk them up and answer questions while viewers have an easy path to purchase.

• How To Set It Up: Make sure your Instagram Shop is in order, then start your live video as normal. From there, you can select the products you want to feature. It’s really quite simple.

Method 6: IGTV Ad Monetization

Wait, you can get paid to put ads in your IGTV videos? It’s true. Now known as “Reels,” you can earn revenue by opting into this experience. Just be aware that there are some eligibility requirements.

• How It Works: When you enable ads, short commercials will play during eligible IGTV videos. Instagram shares a portion of the ad revenue with you.
• How To Set It Up: Head to your Instagram Creator account settings and choose the “Reels” option. You’ll need to agree to the terms and conditions and have a decent follower count (at least 10,000).

Method 7: Paid Partnership Labels

When you partner with brands for sponsored content, transparency is essential. That’s where this feature comes in.

• How It Works: The “Paid Partnership with...” label clearly tags posts or Reels created in collaboration with a brand. This lets your audience know it’s sponsored but in a way that adheres to Instagram’s (and the FTC’s) rules.
• How To Set It Up: Under “Branded Content,” enable the label and tag the sponsoring brand. For Reels, it’s a similar process within the editing options.

Method 8: Badges

Turn those superfans into a source of income during your Live videos with Badges.

• How It Works: Viewers can purchase badges (little heart icons) at different price points during your Live to show support. It’s similar to virtual flower bouquets on Twitch but within Instagram’s ecosystem.
• How To Set It Up: Go to your Professional Dashboard in your Instagram settings. Under the “Badges” tab, you’ll be able to enable them if you meet the eligibility requirements. Once enabled, they’ll automatically appear on all your Lives.

Method 9: Brands Collab Manager

Tired of chasing brands for partnerships? Brands Collab Manager helps you get discovered.

• How It Works: Think of it like LinkedIn for Instagram creators. You create a profile showcasing your work and stats. Brands can then search and reach out, potentially offering paid collaboration opportunities.
• How To Set It Up: Head over to Facebook’s Brand Collabs Manager website. You’ll need an Instagram Business account and a decent follower count to be eligible.

Method 10: Instagram Ads

Sometimes, you need to put a little money in to get more money out. Instagram Ads are powerful for boosting growth and driving sales for creators and businesses alike.

• How It Works: Run ads within Instagram (posts, Stories, Reels) or use Facebook’s Ad Manager for more advanced targeting. Set your budget and goal (reach, clicks, etc.), and watch the stats roll in.
• How To Set It Up: You can boost existing posts directly on Instagram or head to Facebook’s Ad Manager for more complex campaigns. Ad creation involves selecting visual assets, writing copy, and choosing your audience.

Method 11: Instagram Gifts

Like Badges, Gifts are a way for dedicated followers to support you during Instagram Live if you’re in a country where this feature is available.

• How It Works: Viewers buy virtual “Gifts” representing different amounts of money and send them during your livestream. Instagram takes a cut, and you receive a payout when you reach certain thresholds.
• How To Set It Up: If eligible, check your Professional Dashboard in settings and turn the feature on.

We covered a lot of tools and features here. Did one catch your eye? It’s a good idea to experiment with different methods to find the ones that suit you best. Not all methods are good fits, and what works for one user might not work for another. Keep that in mind going forward.

Instagram is constantly changing, but you can stay ahead of the curve with a few simple tips.

• Embrace New Features: When Instagram rolls out a new tool, jump on it while the algorithm’s still favoring it (Reels are a prime example).
• Analyze Everything: Don’t just post and hope for the best. Instagram Insights is your map to improvement and what content generates the most engagement and income.
• Never Stop Networking: Collaborate with other creators and give shoutouts to brands you love. Building relationships brings in opportunities.
• Leverage Your Audience: Ask followers to share your content or create testimonials about your products. This will give you amazing social proof.

Don’t expect success overnight. This is something you’ll need to keep after for some time. But with hard work and drive, you can become the success story you dream about.

The best time to start monetizing your Instagram was yesterday. The second-best time is today. If you’re overwhelmed, you don’t have to tackle everything at once — done is better than perfect. Pick one method that fits your content style and start experimenting. Monetization is about persistence as much as picking the right strategy.

Ready to take your business and Instagram success to the next level? Make sure to sign up for the Founder OS newsletter for even more actionable tips and insights delivered straight to your inbox — and if you’re truly committed to mastering the founder journey, apply to the Founder OS Program, and let’s build the business of your dreams together.