Should You Use the New Instagram Subscription Service to Make Money?
Instagram recently launched a subscription service, where your followers can pay you monthly to get access to special content on the platform. The amounts can start at $1 a month and go up to any amount you wish. This offer sounds like a great way to earn some extra income, but how do you know if you should do it? I have a half a million followers on Instagram, and I seriously considered joining the their subscription service, but after digging in to the details I ultimately decided that it’s not for me. Today I want to review the pro’s and con’s of using Instagram’s subscription service so you can make the decision on whether it’s right for you.
Subscription Services for Artists
If you have ever explored subscription services to support your art, you know that there are a LOT of them. There seems to be a trend towards new apps to help simplify this process and there are my ways you can structure it. The most common use Project Funding which focuses on a very specific endeavor, or you can use a more general memberships/subscriptions model where your followers can donate a small amount monthly in exchange for exclusive content from you!
One of the best known funding apps for artists is Patreon. This program gives you the flexibility to set up different tiers and different price points where people can support your artistic journey. Programs like this are great because sometimes people can’t afford to buy a piece of original art, but they might be able to afford $1, $5 or $10 a month to support and encourage the creators they love.
Instagram Subscription Services
Instagram recently released a subscription service in their effort to better support the creators on their platform, and they’ve made it pretty straightforward set up. To get setup with this program, you need to set your subscription price, let your followers know, and then you can create and publish content that will be exclusively shown to your subscribers. If your followers have their wallet connected to their Instagram account, and many people do, it will be very simple for them to say, “why yes, I will give her $1 a month!”
The benefit of the Instagram subscription is that everything is in platform. If you have an engaged follower base, they can support you, see exclusive content, and never have to leave Instagram, unlike Patreon or another membership service where you have to log in to another webpage. The ease and lack of friction for your follower is incredibly straightforward. The more steps a person has to take to purchase something, the less likely they will follow through. Instagram has made this very easy by allowing followers to join your exclusive offering with just two clicks, which can could radically increase sign ups.
There was a moment when I strongly considered using the Instagram subscription service. The main reason I was considering this was because I have a lot of followers on my art channel (josielewisart), and chances are that some of them might be interested in supporting me that way. However, after doing a little research, I ultimately decided it’s not for me. In the end, I decided not to use an Instagram subscription model for 3 reasons.
The 3 reasons why I chose not to use an Instagram subscription
Resources
The first reason why I decided not to use the Instagram subscription was resources. I was concerned that adding on the additional exclusive content might be too much for me. That’s a personal issue around simple bandwidth. If you are considering something like this, make sure you count the cost and make the offerings sustainable and straightforward.
Fees
The second reason I decided not to use an Instagram subscription is simple to explain, THE FEES. Between apple, google, and credit card processing, the fees add to 30%. That is not an incidental amount and combined with my first reason, really made the benefits harder to achieve for me.
Future Cost Uncertainty
The third reason why I decided not going to use this new offering had to do with some vague language about “future” fees. On the Instagram info page about subscriptions, it states “Instagram’s revenue share is currently 0%”. Well that’s real generous of you’re Instagram, but it doesn’t sound super permanent. My concern is that a year down the line I could have a thriving user base of subscribers, and then Apple, Google and Instagram suddenly increase their fees, which they can do any time, and the 30% fees turn into 50% or 60% fees. This is not unheard of, and in fact Patreon frequently comes under fire because they raise their fees.
Keep in mind, any time you launch something, you will have to actually promote it to get people to sign up. Nothing happens automatically, and you’ll have to be real effort into converting your audience into subscribers. I don’t want to use my “selling” power to attract people to sign up for a platform that is on shaky financial ground. There’s other things I want to sell, and I don’t want to “sell” all the time. I do have to say that the lack of friction for the user is a HUGE pro, and I might consider an Instagram subscription at some point down the road…maybe…and with reservations.
Have your considered subscriptions services? Would you try an IG subscription?
If you really enjoy thinking about your art business, I want you to consider joining my private community called Art Revenue Coaching where I create training and community to help artists. Within this community you will find tons of great resources, you’ll get to attend live calls with ME, and you’ll be surrounded by supportive creatives like YOU. Doors for this membership open periodically and you can learn more at josielewis.com/arc. In the meantime, I want to invite you to download my epic new white paper: The Ultimate Guide To Selling Your Art Online. It’s free, and it details the components of putting together the structure to create a thriving art business! You can get it at josielewis.com/ultimate.
