On Monday, Instagram announced the launch of a new awards program. Twenty-five creators are set to receive a gold ring next week. The company states this program will recognize creators from around the world who shift culture and break barriers.
The judging panel for the awards includes Instagram head Adam Mosseri, director Spike Lee, designer Marc Jacobs, YouTuber Marques Brownlee, actress Yara Shahidi, and makeup artist Pat McGrath, among others.
Winners will receive a physical custom ring designed by English fashion designer Grace Wales Bonner. They will also get a digital golden ring around their Instagram profile and the ability to design a custom “Like” button for feed posts. It is important to note that winners will not receive any monetary prize.
This new program arrives as Meta has been scaling back its creator payout programs over the past few years. Earlier this year, Meta shut down a program that paid creators for ads placed in their profiles. In 2023, the company stopped offering bonuses to Reels creators on Instagram and Facebook. It also shut down its affiliate marketing bonuses in 2022.
The launch also coincides with a reported 52% decrease in brand deals for creators in 2024. Additionally, Bank of America noted last year a slowdown in sponsored partnerships and increased competition, with more paid partnerships concentrated among top creators.
Given these recent shifts, it is interesting to see Instagram launch a symbolic awards program that does not offer monetary compensation. Instead, the program is focused on creating an award likened to the Oscars for content creators, though without an actual ceremony.
The company described the award as a celebration of those who are not afraid to take creative chances and do things their way. It is for those who bring people together through their creativity and deserve recognition.
Winners will be announced on October 16.