With over 1 billion monthly active users globally, and 2.7 million active users in Ireland as of 2022, Instagram presents a massive opportunity for Irish individuals and businesses to monetise their content. This guide unveils 10 proven strategies to make money on Instagram in 2024. From influencer marketing, where brands spent €18 million in Ireland in 2022, to selling physical/digital products, offering services, running ads, and building an email list, these tactics have been successfully leveraged by creators across industries. With Instagram’s continued growth and evolution, mastering these monetisation methods will be crucial for Irish-based content creators seeking to turn their passion into profit on the platform.
Top Instagram Earners Projected For 2024
- Cristiano Ronaldo (@cristiano) – Soccer superstar with 562M followers. Renowned for lucrative endorsements with brands like Nike, Clear Hair, and more. His incredible fame and influence command the highest Instagram rates.
- Lionel Messi (@leomessi) – Argentine soccer legend with 470M followers. In demand from sponsors like Adidas, Pepsi, and Huawei for his global popularity and passionate fanbase.
- Kendall Jenner (@kendalljenner) – Supermodel from Kardashian family with 264M followers. An It Girl whose fashion/lifestyle posts drive huge engagement from millennials and Gen Z.
- Selena Gomez (@selenagomez) – Pop star with 384M followers. Her openness about mental health resonates, allowing authentic campaigns like makeup with Rare Beauty.
- Dwayne Johnson (@therock) – Actor with 376M followers. Global action hero persona attracts major brand deals like Under Armour, Ford, and more.
- Ariana Grande (@arianagrande) – Singer with 340M followers. Wide youth appeal through empowering visuals/captions resonate for lifestyle marketing.
- Beyonce (@beyonce) – Music icon with 271M followers. Personifies aspirational feminism/creativity coveted by brands like Adidas, Pepsi, etc.
- Justin Bieber (@justinbieber) – Pop star with 269M followers. Influential for over a decade with massive dedicated “Belieber” fanbase.
- Taylor Swift (@taylorswift) – Musician with 238M followers. Crossover talents in music/acting offer versatile marketing potential.
- Khloe Kardashian (@khloekardashian) – Reality star with 299M followers. Kardashian name plus relatable persona makes her golden for fitness/lifestyle brands.
10 Monetisation Strategies For 2024
Emerging strategies in 2024 focus on creating diverse revenue streams beyond traditional sponsored posts. Influencers are tapping into the power of video content, live streaming, and interactive features to engage their audience and drive sales.
The future of making money on Instagram lies in authenticity, personal branding through an optimised Instagram bio and engaging Instagram posts., and building a loyal community. As the platform evolves, influencers must adapt by staying abreast of changing algorithms and trends to maximise their earning potential. Let’s dive into our top 10 strategies for monetising your IG:
Influencer Marketing
Influencer marketing involves partnering with influential individuals on Instagram to promote products or services. With 49% of consumers depending on influencer recommendations, it’s a powerful strategy. To identify relevant influencers, use tools like HypeAuditor or Influencer Marketing Hub, and consider factors like engagement rates, niche relevance, and audience demographics. Collaborate through sponsored posts, product seeding, or affiliate programs.
✅ Pros:
- Leverages influencers’ established trust and credibility
- Reaches targeted, niche audiences
- Generates authentic, user-generated content
❌ Cons:
- Can be expensive for top-tier influencers
- Potential for inauthentic or forced promotions
- Measuring ROI can be challenging
Pro Tip: Micro-influencers (10K-100K followers) often offer better engagement rates and cost-effectiveness for Irish businesses.
Sponsored Posts
Sponsored posts are paid partnerships between creators and brands, where the creator promotes the brand’s products or services. They offer a direct way to reach your target audience and drive sales. Clearly disclose sponsored content as per the Advertising Standards Authority Ireland (ASAI) guidelines.
✅ Pros:
- Direct promotion to your target audience
- Potential for high engagement and conversions
- Measurable ROI through trackable links
❌ Cons:
- Can be perceived as inauthentic or “salesy”
- Requires ongoing investment for sustained results
- Strict disclosure guidelines to follow
Pro Tip: Use Instagram’s branded content tools to ensure proper disclosure and access performance metrics. Suggested Tools: Grin (influencer marketing platform), Upfluence (influencer discovery and management), ASAI guidelines for influencer marketing.
Affiliate Marketing
Affiliate marketing involves promoting other companies’ products or services and earning a commission on sales generated through your unique affiliate link. On Instagram, you can share affiliate links in posts, Stories, or bio, and leverage influencer collaborations. Key strategies include creating valuable content around the products, sharing honest reviews, and building trust with your audience.
✅ Pros:
- Low-risk, passive income stream
- Access to a wide range of products and services
- Flexibility to promote products you genuinely like
❌ Cons:
- Commissions can be low for some programs
- Requires consistent effort to drive sales
- Potential for audience scepticism if not transparent
Pro Tip: Use affiliate marketing platforms like RevenueWire or AWIN to find high-paying programs relevant to your niche.
Selling Physical Products
With Instagram Shopping, you can tag products in posts and Stories, making it easy for followers to browse and purchase directly from the app. Alternatively, you can link to your e-commerce store in your bio. Invest in high-quality product photography, create engaging content showcasing your products, and leverage Instagram ads and influencer collaborations to drive sales.
✅ Pros:
- Direct sales channel to your audience
- Ability to showcase and sell products visually
- Potential for recurring revenue from loyal customers
❌ Cons:
- Requires inventory management and fulfilment processes
- Competition from established e-commerce brands
- Potential for high advertising costs
Pro Tip: Use tools like Planoly or Later to schedule and plan your product-focused content in advance.
Offering Digital Products or Services
From e-books and online courses to consultations and coaching, digital offerings are a lucrative way to monetise your Instagram presence. Create a sales funnel with lead magnets, tripwire offers, and upsells, and promote your offerings through posts, Stories, and Instagram Live. Leverage features like Instagram TV (IGTV) and Reels to showcase your expertise.
✅ Pros:
- High profit margins and scalability
- Ability to reach a global audience
- Recurring revenue potential from subscriptions or memberships
❌ Cons:
- Requires significant upfront effort in content creation
- Competitive market for certain niches
- Potential for audience scepticism or mistrust
Pro Tip: Use tools like Kajabi or Teachable to create and host your online courses and digital products.
Branded Content and Partnerships
Branded content refers to sponsored posts or content created in partnership with a brand. It allows businesses to leverage an influencer’s creativity and audience to promote their products/services authentically. Establish clear guidelines, ensure proper disclosures, and align with creators who genuinely resonate with your brand.
✅ Pros:
- Leverages influencer’s established trust and creativity
- Reaches targeted, relevant audiences
- Potential for high engagement and conversions
❌ Cons:
- Can be expensive for top-tier influencers
- Potential for inauthentic or forced promotions
- Measuring ROI can be challenging
Example: Guinness’ partnership with Irish influencers for St. Patrick’s Day, Jameson’s collaborations with bartenders and cocktail enthusiasts.
Instagram Ads
Instagram’s advertising platform offers robust targeting options based on location, demographics, interests, behaviors, and more. Ad formats include feed posts, Stories, Reels, IGTV, and shopping ads. Follow best practices like using high-quality visuals, compelling copy, and clear calls-to-action.
✅ Pros:
- Precise audience targeting capabilities
- Variety of ad formats and placements
- Detailed performance analytics
❌ Cons:
- Can be expensive, especially for broad targeting
- Risk of ad fatigue or audience burnout
- Strict policies and guidelines to follow
Pro Tip: Use Instagram’s built-in analytics to test and optimize your ad campaigns for better performance.
Monetising IGTV and Reels
Leverage Instagram’s video features like IGTV and Reels to showcase your expertise, products, or services engagingly. Create high-quality, entertaining, and informative video content that resonates with your audience. Monetization options include branded content partnerships, Instagram ads, and the “Badges” feature during live streams.
✅ Pros:
- Ability to reach and engage a wider audience
- Potential for content to go viral
- Multiple monetization avenues
❌ Cons:
- Requires consistent effort in content creation
- Competitive space, especially for certain niches
- Potential for low engagement if content is subpar
Pro Tip: Collaborate with other creators or influencers in your niche to cross-promote and reach new audiences.
Selling Shoutouts and Promotions
Shoutouts involve promoting or featuring another account, product, or service on your Instagram profile for a fee. As your audience grows, you can offer paid shoutouts to brands or businesses looking to reach your followers. Establish clear pricing guidelines based on metrics like engagement rates and audience demographics.
✅ Pros:
- Passive income stream leveraging your existing audience
- Flexibility in choosing partners and promotions
- Potential for long-term brand partnerships
❌ Cons:
- Risk of appearing inauthentic or “salesy”
- Potential for audience fatigue or loss of trust
- Requires a sizable, engaged following
Pro Tip: Be selective with the shoutouts you offer, and ensure they align with your brand and audience interests.
Building an Email List
While Instagram is a powerful platform, building an email list allows you to own your audience and communicate directly with them. Promote lead magnets like free resources or discounts to incentivize email sign-ups. Once you have a list, you can monetize through product sales, affiliate marketing, or paid newsletters.
✅ Pros:
- Direct communication channel with your audience
- Ability to nurture leads and build relationships
- Multiple monetization opportunities
❌ Cons:
- Requires consistent effort in list growth and engagement
- Potential for low open and click-through rates
- Strict anti-spam regulations to follow
Pro Tip: Use tools like Linktree or bio.fm to drive traffic from your Instagram bio to your email sign-up forms or lead magnets.
Instagram Monetisation Earning Potential
The earning potential on Instagram can vary significantly depending on the monetisation strategies you employ, your niche, audience size, and engagement rates. While some creators earn a modest side income, others have built multi-million euro businesses on the platform. Here’s a breakdown of the potential earnings across different strategies:
Influencer Marketing and Sponsored Posts
According to a survey by Influencer Marketing Hub, Irish influencers with 100,000 to 500,000 followers can charge an average of €500 to €1,500 per sponsored post. Top-tier influencers with over 1 million followers can command fees ranging from €5,000 to €20,000 or more per post.
Affiliate Marketing
Earnings from affiliate marketing can range from a few euros to thousands per sale, depending on the products or services you promote. According to PayKickStart, top affiliate marketers in Ireland can earn €50,000 to €100,000 or more annually.
Selling Physical and Digital Products
The earning potential for selling products on Instagram is virtually unlimited, as it depends on your product range, pricing, and sales volume. Successful e-commerce businesses on Instagram can generate six or even seven-figure annual revenues.
Instagram Ads and Branded Content
While advertising costs can be high, Instagram ads offer a direct path to sales and revenue generation. According to a study by Hootsuite, Irish businesses allocate an average of 25% of their social media marketing budget to Instagram ads.
Monetising Videos, Shoutouts, and Email Lists
Earnings from IGTV, Reels, shoutouts, and email marketing can range from a few hundred euros per month to six-figure annual incomes for top creators and influencers with large, engaged audiences.
Conclusion
In the ever-evolving world of social media, Instagram continues to present lucrative opportunities for individuals and businesses to monetize their content and build sustainable income streams. By implementing the 10 proven strategies outlined in this guide, you can tap into the platform’s vast potential and turn your passion into profit.
Frequently Asked Questions
What are the key factors to consider when monetising on Instagram?
Key factors to consider when monetising on Instagram include defining your niche, engaging with your audience consistently, showcasing authenticity in your content, partnering with relevant brands that align with your values, staying updated on Instagram’s features and algorithms, and adapting to trends in the platform.
Is it necessary to have a large following to make money on Instagram?
While a large following can certainly help in attracting brands and opportunities, having an engaged and loyal audience is more crucial. Micro-influencers with smaller but highly engaged followings can also earn money through sponsored posts, collaborations, affiliate marketing, and selling products or services.
How can I maximise my earnings as an Instagram creator?
To maximise earnings as an Instagram creator, diversify your revenue streams by exploring sponsored posts, affiliate marketing, selling digital or physical products/services, offering online courses or workshops, engaging in brand partnerships or collaborations, participating in influencer marketing campaigns, and consistently analysing and optimising your performance metrics.
Are there any legal considerations I need to be aware of?
Yes. It is essential to comply with advertising regulations such as disclosing sponsored content clearly using hashtags like #ad or #sponsored. Respect intellectual property rights by obtaining permission for using copyrighted materials. Familiarise yourself with data protection laws when collecting user information for marketing purposes.
