Instagram is paying creators up to $500,000 for long-form videos
What's the story
Instagram is shelling out huge amounts of money to content creators, in a bid to get them to post long-form videos on its platform. The Meta-owned company has reportedly offered some creators as much as $500,000 for this purpose, Business Insider reported. The move comes as part of Instagram's recent revamp of its video formats and the relaunch of IGTV under a new name: Features.
Video evolution
'Features' hosts horizontal, widescreen videos
The newly launched 'Features' product will host horizontal, widescreen videos within the Instagram app.
These can be as long as a feature film, up to 90 minutes.
This is a major shift from the short-form content that has dominated Instagram's landscape since the launch of Reels, its answer to TikTok's popularity.
Creator contracts
Creators can post exact same content they publish on YouTube
While the specifics of these deals remain confidential, Meta has confirmed that they are indeed funding 'Features' content directly with some creators.
The company hopes this will encourage more long-form video content on its platform.
Notably, the deals don't require exclusivity to Instagram; creators can post any long-form content they publish on YouTube that same day.
Past initiatives
Instagram previously struck similar deals for short-form content
This isn't the first time Instagram has struck paid deals with creators to get them to post more on Meta's apps.
Last year, Meta was paying creators thousands of dollars for posting short-form videos on Instagram and Facebook.
The company had also tested several bonus programs rewarding creators for their Reels's performance on Instagram.
Future prospects
What about the rest of the creator economy?
As Instagram continues to pay some creators directly, questions loom over the rest of the creator economy.
A major draw of YouTube is its long-standing Partner Program, which pays eligible creators a share of ad revenue generated by their videos.
Responding to these concerns, Instagram chief, Adam Mosseri, wrote in an X post that they are exploring multiple options to help long-form creators get paid.