Social media is part and parcel of the 21st century. Because of that, world-renowned platforms like Instagram plan to encourage creators to post on their sites and mobile apps through an incentivized scheme.
For the Facebook-owned video and photo sharing platform, this approach will see them rival Snapchat’s Spotlight and TikTok in delivering short-format creations. This bonus-oriented approach is nothing new in the entertainment market, with online casinos long adopting promotions. So, are social media bonuses here to stay, and what can betting platforms tell us about this approach’s longevity?
Social Media Bonuses
Incentivizing Engagement Isn’t a New Concept
Using bonuses to encourage content creation and online participation is nothing new in the digital era, but there are still avenues to explore. As touched on above, the online casino market has long called upon promotions to expand its audience base and deliver a user-friendly service.
To date, this is still a common strategy, as evident from Paddy Power’s Jackpot King range. While the platform itself offers various sign-up promotions, the Jackpot King games incorporate numerous bonus features.
Fishin’ Frenzy, for example, possesses a Free Spin bonus component, which players can utilize across the progressive-jackpot title. The longevity of bonuses in the online casino industry indicates that, if integrated correctly, there’s scope for the strategy to work in social media.
It’s no secret that short-format videos are becoming increasingly popular within modern-day society. Few can argue that TikTok wasn’t at the forefront of changing the face of social media, and it further raised the bar with its Creator Fund in July 2020.
While the online casino sector incentivizes bettors, the Chinese platform adopts a similar approach but directs it towards content creators. According to Bustle, TikTok began the program with a $200-million-dollar pot, but there are plans to grow the fund to $1 billion. Those who meet the criteria are eligible for the bonus scheme, reportedly earning between two and four cents per 1,000 views.
What Do Reels Bonuses Mean for Creators?
Instagram, which long been at the forefront of photo and video posting within the social media sector, is looking to adopt its own bonus-oriented approach in an effort to compete. As per Social Media Today, the Facebook-owned platform is working on integrating rewards into its Reels feature. Early indications suggest that creators would earn money for posting new short-format videos. Furthermore, there is also a function allowing influencers to browse other earning opportunities.
Although Instagram is following in the footsteps of its market competitors, the concept stems from online casinos. However, social media has added its own spin to engagement incentivization. For creators, the promotional side of Reels opens the door to new opportunities by creating a demand-focused market.
With many leading platforms embracing bonuses, users now have more choice than ever before regarding where to post their creations. Whether this means that more creators will choose Instagram, however, remains unclear.
A Move That Could Serve Instagram Well
There are no guarantees that Reels bonuses will swing the balance of power back in Instagram’s favor. That said, matching its competitors is a smart move. According to Mediakik, the Facebook-owned platform has a larger audience than TikTok, meaning that implementing incentivized strategies may take some of the shine away from the Creator Fund.