There are over 65 million Instagram influencers in 2024. However, only about 12% of those creators make more than $50,000 a year. This is because most creators don't even know how to monetize their content.

In this article, we are going to give you some practical ways to monetize your Instagram reels.

Does Instagram pay to upload Reels?

Instagram started the Instagram Reels Play bonus programme in 2021 which was an invite-only programme to share the profits with the creators. However, they later stopped the programme for the new creators in March 2023.

Instagram stopped extending new and renewed Reels for its Play Bonus Programme

Hence, while Instagram still pays out to some creators, it has stopped this programme for the new ones.

How to Monetize Your Instagram Reels in 2024?

There are still a lot of ways you can make money on Instagram. Here is the list of Instagram Reels Monetization Ideas you can try:

Partner with brands

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A post shared by Sephora (@sephora)

There is a brand launching every day. Partnering with relevant brands can expand your reach and boost sales. A study by Socialinsider found that for niches like beauty, branded Instagram Reels get 67% more engagement on average compared to non-branded Reels. This increased engagement can introduce your content to a whole new audience interested in the products you promote. You can either reach out to brands directly, hire an agency or try influencer marketing platforms like Tagger or Upfluence to find a brand to partner with.

Accept Instagram Gifts

This is how Instagram's "Send Gift" button looks on the reels — How does Instagram's "Send Gift" button looks on the reels

Instagram Gifts lets viewers shower you with virtual gifts during live Reels. These gifts convert to real money, with viewers purchasing Stars (Instagram's currency) to send them. You can enable Gifts in your Reels settings and actively engage with viewers who send them to show appreciation and encourage more gifting.

Affiliate Marketing

Affiliate marketing lets you earn commissions by promoting products you love in your Reels. Platforms like RewardStyle and Amazon Associates offer millions of products. By strategically incorporating affiliate links, you can turn viewers into buyers and earn 10-40% commission on some sales, based on the brand’s conditions.

Sell your own Product

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A post shared by Ariana Grande (@arianagrande)

Many Instagram influencers like Ariana Grande sell their own products like merchandizes or become a cofounder of a new brand. This lets you utilize the distribution channel that you created. You can create Reels that showcase your product's features and benefits, then include a clear call to action directing viewers to your website or online store.

Add Shoppable Product Tags

How shoppable product tags look like in an Instagram Reel — This is how Shoppable Product Tags look like in an Instagram Reel

You can simply create a post with a shoppable product tag of the products used in the picture. You can either promote your own products or partner with a brand for the promotion.

If you have a podcast, you can still monetize your Instagram by converting your Audio into Video using Jupitrr. Try generating one for free right now.

Sell a service

If you are good at something, you can find clients among your followers. Many Instagram Reel Creators monetize their skills by providing their services. A good example of this would be the painters who post reels of them creating the painting. Generally, these artists also provide painting services or even sell the paintings they show in the reels.

Build a community of subscribers

Instagram launched its Broadcast Channel feature in 2023 that lets you create a broadcast channel by inviting all of your followers. You can use this community of subscribers to communicate with your audience better. You can also use this channel to drive traffic to your site and sell products.

Accept donations through Patreon

Patreon allows fans to support your creative process with monthly donations. While there aren't stats specific to Reels, Patreon itself boasts over 6 million patrons, proving the power of direct audience funding. Offer exclusive rewards on Patreon, like early access to Reels or behind-the-scenes content, to incentivize sign-ups.

Final words

Well, having a huge following on Instagram can be a blessing if you know the right way to make the most of it. While most creators don't make any money out of their Instagram even with hundreds of thousands of followers, many make a lot with just a few tens of thousands.

All you need to do is grab your viewers' attention. One of the best ways to increase engagement on your Instagram reels is by adding interesting B-rolls to your reel.

Try adding B-roll videos to your Instagram reel using Jupitrr for free.