Instagram introduces a new ‘ring’ price for top makers | Techcrunch

Instagram announced On Monday it launches a prize program, with 25 makers who will receive a gold ring next week. The company says that the new Awards program Makers around the world will recognize that culture shifting and breaking through barriers.

The jury members panel for the new Awards program includes Instagram -head Adam Mosseri, director Spike Lee, designer Marc Jacobs, Youtuber Marques Brownlee, actress Yara Shadhi, make -up artist Pat McGrath and more.

Winners receive a physical adapted ring designed by the English fashion designer Grace Wales Bonner, along with a digital gold ring around their Instagram profile. They will also be able to design a modified “Like” button that appears when enjoying food messages. Winners in particular receive no kind of cash prize.

The move is because Meta has reduced the maker’s payout programs in recent years. Earlier this year, Meta is closed A program that makers paid for advertisements that were placed in their profiles. In 2023, the company stopped offering bonuses to makers on Instagram and Facebook. The company too Closes his affiliate marketing Bonuses in 2022.

The launch of the new Awards program is also because makers saw a 52% decrease in brand agreements in 2024, according to a survey of Except. Moreover, Bank of America said last year that there is a delay in sponsored partnerships, there is Competition in spaceBecause more paid partnerships are concentrated with the top makers.

In view of these recent shifts, it is interesting to see Instagram launching a Symbolic Awards program that does not offer monetary compensation to recipients. Instead, it is aimed at creating a prize program that should be like the Oscars for makers of content (without an actual ceremony).

The company said in a blog post that the prize is “everything about celebrating those who are not afraid to take creative opportunities and do it in their own way. Those who bring people together about their creativity and recognition deserve.”

Winners will be announced on October 16.