Instagram has introduced a new awards program, recognizing creators who influence culture and challenge norms. Set to launch next week, the initiative will honor 25 creators with unique gold rings.
Creators Honored by the New ‘Ring’ Award Program
This innovative program aims to celebrate the creativity of influencers worldwide. Instagram’s head, Adam Mosseri, leads a diverse panel of judges, including:
- Spike Lee, Director
- Marc Jacobs, Designer
- Marques Brownlee, YouTuber
- Yara Shahidi, Actress
- Pat McGrath, Makeup Artist
Each winner will receive a beautifully crafted ring designed by British fashion designer Grace Wales Bonner. Additionally, they will feature a digital golden ring around their Instagram profiles and have the opportunity to customize a “Like” button for their feed posts.
Changes in Meta’s Creator Programs
This announcement comes during a challenging time for creators, as Meta has been scaling back financial incentives. Recently, the company discontinued several payout programs, including:
- Creator ads in profiles
- Bonuses for Reels creators on Instagram and Facebook
- Affiliate marketing bonuses
Furthermore, a 2024 survey from Kajabi indicated a 52% decline in brand deals for creators. This trend aligns with Bank of America’s report highlighting increased competition, with sponsorship opportunities becoming highly concentrated among top-tier creators.
Recognition Without Monetary Compensation
Interestingly, the new award program does not provide any financial rewards. Instead, it aims to establish a prestigious recognition system akin to the Oscars for content creators, albeit without an actual ceremony. The initiative focuses on honoring those who take creative risks and bring communities together through their work.
The winners of Instagram’s ‘Ring’ awards will be announced on October 16, 2023. This program signifies a shift toward celebrating creativity in the digital content landscape, highlighting the importance of recognition in times of changing economic support for creators.
