Facebook just bought Instagram for $1 billion—but did you know that the photo sharing site can make you money, as well?A 2-month-old start up is finding a way to transform your Instagram addiction into a lucrative endeavour.
Instagrid Networks—which comes from the creators of Printstagr.am (which prints Instagram photos) and Instagrid.me (a 40,000 member and counting site which creates a space for Instagram galleries)—will pair advertisers with influential Instagrammers, giving them incentives to feature brand-related photos in their streams.
“There was a demand for advertisers to get involved with the Instagram family,” co-founder George Sylvain told Business Insider.
Instagram itself doesn’t make money and has no obvious business model, or revenue. If Instagrid Networks takes off, it could indicate that there is underlying advertiser interest in Instagram, which would be of obvious interest to Facebook.
Sylvain got the idea for Instagrid Networks after Puma gave Brian DiFeo, Instagrid Network’s campaign strategist who is known to many as @bridif, an all-expenses-paid trip to Abu Dhabi so that he could take pictures of the Volvo Ocean Race. DiFeo has 63,700 people following his Instagram stream and Puma was willing to go to extreme lengths to get exposure and, well, seem cool.
While it’s too soon to tell how much advertisers would pay for exposure—the company isn’t even two weeks old, after all—Sylvain told BI that he was expecting that Instagram users could make anywhere from $50 to $500 for incorporating certain photos into their streams (and maybe $2,000 for attending an event). They could also be paid in swag or invites to really cool events.
“We are going to work with the brands to see what the best approach is going to be for them and Instagram users,” Sylvain said. “We are going to say, for example, because you are French Connection you might want a fashion photographer come to your show and then pay a day rate.”
Or a company could pay multiple users a smaller fee to post the same picture on their stream throughout a day to create buzz around a new product.
While this will mostly be beneficial to Instagram users who have a large combined reach—1,000 followers or more—the little guys shouldn’t feel discouraged.
“There could also be a great need for people who are popular in a specific regional market, like if a brand only wants to target a region of Australia,” Sylvain said.
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