In this articleMETA your favorite stocksCREATE FREE ACCOUNTAnadolu | Getty ImagesInstagram announced on Monday the launch of a new "Rings" award that will give 25 creators a literal gold ring and a matching badge on their file, but no cash.Winners will be chosen by a panel including Instagram chief Adam Mosseri, filmmaker Spike Lee, designer Marc Jacobs and YouTuber Marques Brownlee.The move comes as Meta-owned Instagram has wound down its creator bonus gram and brand deals are slowing across the industry, raising the question of why one of the world's richest companies is offering jewelry and file features instead of direct payouts."It's more a special visibility and of incentive for people to work towards a really cool elevated recognition," Brownlee told CNBC.
He said he nominated creators whose work showed the most effort and risk-taking, not simply those with the biggest ings.Winners can also change their file backdrop color and customize the "" button.Read more CNBC newsTesla teaser sparks speculation of long-awaited Roadster or mass market modelAmazon shutters 4 Fresh stores in Southern California as grocery strategy keeps shiftingAI Sam Altman and the Sora copyright gamble: 'I hope Nintendo doesn't sue us'AI chipmaker Cerebras withdraws IPOMeta its Reels Play bonus gram, which was a key source of income for many creators, on Instagram and Facebook in 2023.
At the time, some vented online that losing the payments left them struggling."As stupid as it sounds, in this economy it was a blessing for my household to have the extra money coming in," wrote a user on Reddit.Mosseri said in June 2024 that the company is considering changes to creator compensation, but no new plan has been announced.Rivals YouTube and TikTok have their own creator revenue grams.YouTube paid out over $100 billion to creators over the last four years, the company reported in September.Creators saw a dramatic drop in brand deals in 2024, falling 52%, according to a survey from Kajabi.In January, Meta was offering deals to creators to mote Instagram on TikTok, Snapchat and YouTube, CNBC reported.
However, an Instagram spokesperson said these deals had .Against that backdrop, Instagram's new gold rings stand out as a symbolic gesture rather than direct financial support in an increasingly challenging creator economy."This could be looked at as an incentive to make more Instagram stuff, or really just an incentive to make the best possible thing you can and hopefully get recognized for it," Brownlee said.
"No matter where you're doing it, it feels good to know that it resonates with people, this is inspiring people, or this is impressing people."