Growth of Digital Monetisation of Instagram

A Melin Media research project outlined some key statistics for monetisation of Instagram and about the audience and potential.  Building on our previous post about monetisation of instagram. ..  this industry continues to grow in 2024.

Here are some key statistics illustrating the growth of digital marketing on Instagram:

1. User Growth: Instagram has over 2 billion active monthly users as of 2023, and this figure is expected to keep growing in 2024, making it one of the largest social media platforms globally. Businesses are increasingly turning to Instagram to reach this vast and engaged audience, particularly younger demographics, with around 67% of users aged between 18-29 (Statista, 2023).
2. Engagement Rates: Instagram has the highest engagement rate of any social media platform. Posts on Instagram receive around 4x more engagement than those on Facebook (Hootsuite, 2023). This is a key reason why businesses are investing more in Instagram marketing, as engagement levels directly correlate with conversion rates.
3. Advertising Revenue: Instagram's global advertising revenue reached $50.58 billion in 2022, making up around 31% of Facebook’s total ad revenue. This figure is projected to increase in the coming years as more businesses adopt Instagram ads due to their effectiveness (eMarketer, 2022).
4. Influencer Marketing: Influencer marketing on Instagram is booming, with brands expected to spend nearly $4.62 billion on Instagram influencers alone in 2024. This highlights the platform's increasing role in direct and indirect sales through partnerships with creators (Statista, 2023).
5. Business Usage: As of 2023, over 200 million businesses use Instagram for marketing purposes, leveraging its diverse features, including stories, Reels, and Shopping, to connect with customers. 81% of people use Instagram to research products and services, showing its critical role in consumer purchasing decisions (Facebook for Business, 2023).

Even without these statistics you can see the growth on Etsy, Instagram and Tik Tok of passive wealth advocates of faceless marketing strategies and the sale of digital courses and assets.

As researchers of digital consumer habits and AI - we at Melin Media have decades of experience in creating original publishing assets.  Ones that  are crafted - not programmed.

We launched our Digital Vault in 2024 and each week add new assets, guides, tools, ebooks and courses to support your learning.

We ensure that we tap into the latest demand niches to ensure we are ahead of the pack.  Our Vault is open ..

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References

• Statista (2023) Distribution of Instagram users worldwide as of January 2023, by age group. Available at: https://www.statista.com/statistics/325587/instagram-global-age-group/ (Accessed: 14 October 2024).
• Hootsuite (2023) Instagram engagement rates benchmark 2023. Available at: https://blog.hootsuite.com/instagram-statistics/ (Accessed: 14 October 2024).
• eMarketer (2022) Instagram's advertising revenue 2022. Available at: https://www.emarketer.com/ (Accessed: 14 October 2024).
• Facebook for Business (2023) Instagram: business marketing statistics. Available at: https://www.facebook.com/business (Accessed: 14 October 2024).