Meta Platforms Inc's (NASDAQ:FB) Instagram is making it easier for creators to earn a monthly income on its platform with the launch of Instagram Subscriptions.
What Happened: In 2020, the company rolled out a subscriptions feature for Facebook. Following strong feedback on the Facebook feature, the company is making it available on Instagram.
Instagram began testing the subscriptions feature with a select group of creators Wednesday. During the test phase, creators will be able to set a monthly price of their choosing, use a “subscribe” button on their profile and offer benefits to their subscribers including exclusive live videos, stories and badges.
Creators can stream exclusive live videos for their subscribers, allowing them to engage with their paid audience more deeply. Creators can do the same thing with their stories, which will also feature interactive story stickers that they can share with their most engaged followers. Instagram said the subscriber badges will help subscribers be more easily identified in comments and direct messages.
What To Know: Meta will not collect any fees from Instagram Subscriptions until "2023 at the earliest," the same approach it's taking with subscriptions on Facebook.
Instagram noted that it plans to build tools to allow creators to connect with their audiences outside of the platform in the future.
For those who want explore the subscriber side of Instagram Subscriptions, the company provided a list of the creators with access to the subscription test: @alanchikinchow, @sedona._, @alizakelly, @kelseylynncook, @elliottnorris, @jordanchiles, @jackjerry, @bunnymichael, @donalleniii and @lonnieiiv.
FB Price Action: Meta has traded as low as $252.72 and as high as $384.33 over a 52-week period.
The stock was up 1.18% at $323.37 Thursday afternoon.
Photo: courtesy of Instagram.
