Instagram is launching a new awards program for its top creators, but instead of cash, the winners will receive a literal gold ring and a special badge on their profile. The new “Rings” award will be given to 25 creators, who will be chosen by a high-profile panel that includes Instagram boss Adam Mosseri, filmmaker Spike Lee, and the popular tech YouTuber Marques Brownlee.
The move comes at a tough time for creators. Instagram recently ended its “Reels Play” bonus program, which was a major source of income for many. At the same time, brand deals across the industry are slowing down, making it increasingly difficult for creators to earn a living. This has many asking why one of the world’s richest companies is handing out jewelry instead of money.
Brownlee, who is part of the judging panel, said the awards are “more about a special visibility and sort of incentive for people to work towards a really cool elevated recognition.” He added that he nominated creators who showed the most effort and took creative risks, not just those with the biggest follower counts.
While the winners will receive some cool new profile features, such as the ability to change their background color, the gold rings are largely a symbolic gesture. This is in stark contrast to rivals like YouTube, which has paid out over $100 billion to its creators in the last four years. With the creator economy becoming increasingly competitive, Instagram’s new awards feel more like a pat on the back than the real financial support many creators truly need.
