Credits: Social Media
How much do influencers get paid on Instagram and TikTok in 2024?
Social media influencing can be a high-earning career but the payment for influencers can vary widely based on several factors. Instagram and TikTok are two popular platforms where social media creators can earn money and it does not entirely rely on the follower count.
Understanding how platforms work and calculating engagement rates is important when figuring out how to monetize social media networks as an influencer. Research explains the typical range of pay on Instagram and TikTok and how to earn money in different ways on the apps.
Different types of social media influencers
Social media influencing is a marketing term that describes an individual’s ability to affect other people’s thinking in a social online community, as Tech Target explains.
Different types of influencers range from micro-influencers, who often have a niche following that closely aligns with specific demographics or interests, to macro-influencers who appeal to a broader audience.
Influencers don’t need huge quantities of followers to start earning money on Instagram and TikTok.
Many brands turn to smaller creators known as “nano” or “micro” influencers with under 100,000 followers, who are thought to have more authentic connections with their audience, compared to more popular creators spreading a wider message.
- INFLUENCER TIPS: Best times to post on TikTok from Monday to Sunday
Social media engagement rates explained
Engagement rate is a metric used to assess the average number of interactions social media content receives per follower.
Including interactions such as likes, comments, shares, and saves, engagement rates are a crucial part of influencer earnings. Even influencers with smaller followings but high engagement rates may be able to earn more money and are more sought after by brands sponsorships.
Many online tools can be used to calculate engagement rate percentages, but a simple way to do it yourself is to work out the total number of interactions your content receives divided by your total number of followers, multiplied by 100%.
Around 3% is an ideal engagement rate to appeal to brands for sponsorships since companies prefer you to have highly active audience rather than a large following that is inactive.
So, when aiming to earn money as an influencer, building an engaged community must be prioritized – engaging with your audience and posting high-quality content is what will grow your followers over time.
Typical TikTok influencer earnings
The payment for social media influencers can vary widely based on several factors, including the influencer’s reach, engagement rate, niche, expertise, and the specific requirements of a campaign.
It is important to note that there is no standardized rate for influencer payments, and negotiations often take place between influencers and brands or agencies.
Additionally, some influencers may receive compensation in the form of free products, gifted services, or experiences rather than monetary payment.
NeoReachs 2023 Creator Earnings and Insights Industry Report takes a closer look at the typical salary for influencers and content creators.
Based on their survey findings about typical TikTok influencer earnings, 48% earned less than $15,000. 9% earned between $15,000 and $25,000. 7% earned between $25,000 and $35,000.
The average salary for TikTok influencers is therefore somewhere between $15,000 and $25,000.
How influencers earn money on TikTok
Different ways to earn money on TikTok can range from the Creator Fund, sponsorships/affiliates, receiving gifts on live streams, or building a business/product.
TikTok launched its Creator Fund in July 2020 throughout the US, UK, Germany, Italy, France, and Spain, which pays content creators based on how many views their videos receive.
Creators must have at least 10,000 followers and 100,000 video views over the past 30 days and influencers can expect to earn between $0.02 and $0.04 for every 1,000 views from the Creator Fund.
Affiliate marketing is a monetization strategy whereby influencers promote products and post a link to purchase the product in their profile or the videos comments section.
TikTok Live lets creators interact with their fans in real time, and during the sessions fans can send creators digital gifts stickers that can be redeemed for coins, which in turn can be redeemed for money.
Rachel Pedersen, a social media manager, shared her expertise in a video explaining how influencers make money on TikTok.
Charli DAmelio, one of the highest-paid TikTok influencers, started her TikTok career in 2019 and now has an estimated earnings of $17.5 million , with 151.9 million TikTok followers.
Charlies older sister Dixie DAmelio is also very successful on the platform, with 56.5 million followers and estimated earnings of $10 million.
Average Instagram influencer earnings
The payment for Instagram influencers also varies based on the same factors.
While Instagram and TikTok both support short-form video content, the major difference is that Instagram also has several other content formats like single photos, carousel posts, and stories.
Embed Social reports on Instagram influencers’ earnings in 2024, explaining that although earnings in every niche can vary, micro-influencers with 10,000 to 50,000 followers may typically earn between $200 and $800 per sponsored post.
Whereas Instagram creators with more significant followings of 500,000 and over, can command $3,000 to $10,000 or more per post.
The highest-paid Instagram influencer in 2024 is internationally renowned football player Christiano Ronaldo, who supposedly earns $3.2 million per post.
Tech Tips with Tea explains the celebrity’s main source of Instagram earnings is brand collaborations and product sales, which bring him $135 million annually.
How influencers make money on Instagram
Typically, influencers on Instagram rely on sponsored content to make money. Sponsored content can vary in style, from posting a picture to the main feed with #ad to sharing swipe-up links in a series of stories.
In most cases, making money on Instagram is contingent on the number of followers you have and your engagement rate.
Creators need at least 1,000 followers to begin earning money through Facebooks Brand Collabs Manager, which allows you to build your business and earn money from brand deals.
Influencers can partner with a brand for sponsored posts, get paid by Instagram as a Creator, open an Instagram Shop, become an affiliate, drive traffic to a website, offer Instagram marketing services, sell photos, illustrations, or digital files, offer exclusive content, and more.
Ali Grant, an agency founder with expert influencer tips, shared a TikTok video explaining how creators can earn money from posting Instagram reels.
- Go to Settings > Creator > Bonuses > to show your status if you are eligible to earn money.
