Instagram introduced on Monday that it’s launching an awards program, with 25 creators set to obtain a gold ring subsequent week. The corporate says the brand new awards program will acknowledge creators all over the world who shift tradition and break boundaries.
The judges panel for the brand new awards program consists of Instagram head Adam Mosseri, director Spike Lee, designer Marc Jacobs, YouTuber Marques Brownlee, actress Yara Shahidi, make-up artist Pat McGrath, and extra.
Winners will obtain a bodily customized ring designed by English dressmaker Grace Wales Bonner, together with a digital golden ring round their Instagram profile. They’ll additionally be capable of design a customized “Like” button that seems when liking feed posts. Notably, winners received’t be receiving any type of financial prize.
The transfer comes as Meta has been scaling again its creator payout packages over the previous few years. Earlier this yr, Meta shut down a program that paid creators for adverts positioned of their profiles. In 2023, the firm stopped providing bonuses to Reels creators on Instagram and Fb. The corporate additionally shut down its affiliate marketing online bonuses in 2022.
The launch of the brand new awards program additionally comes as creators noticed a 52% lower in model offers in 2024, in line with a survey from Kajabi. Moreover, Financial institution of America mentioned final yr that together with a slowdown in sponsored partnerships, there’s competitors within the area, as extra paid partnerships are concentrated among the many high creators.
Given these current shifts, it’s attention-grabbing to see Instagram launch a symbolic awards program that doesn’t supply any financial compensation to recipients. As an alternative, it’s targeted on creating an awards program that’s imagined to be just like the Oscars for content material creators (with out an precise ceremony).
The corporate mentioned within the weblog put up that the award is “all about celebrating those that aren’t afraid to take artistic possibilities and do it their manner. Those that deliver folks collectively over their creativity, and deserve recognition.”
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Winners will probably be introduced on October 16.
