Did you know that Ariana Grande, Kylie Jenner and Cristiano Ronaldo can make about $ 1 million on a sponsored posts on Instagram? Social media influencers are creating a new class of celebrity and turning it into a revenue stream. Though they may not come from the entertainment industry many of them have thousands and even millions of fans and some of them have found a way to translate those massive followings into a fortune. In Rwanda, social influencing is also fast becoming a popular revenue stream. The beauty of internet is that there are no boundaries allowing influencers on social media to have a global market. Making money on social media is a business choice. John Migambi made that choice two year ago. He first made his appearance on Facebook in 2014 and joined Instagram and Twitter later in 2018. He decided to make money out of his ever raising social media community in 2019. “Internet and social media in particular offer a wide range of opportunities that only requires commitment. To me, every contact and connection on internet is an opportunity to earn more money,” he said. Migambi makes approximately Rwf500, 000 every month and the amount is on the rise. Below are one of the ways Migambi and others make money on social media. Advertising/sponsored content In Migambi’s case, he now works with 400 business owners who pay him to advertise their products on his social media platforms. His advertisement can be seen by over 15,000 of followers and more on different platforms. Generally, sponsored content on social media is familiar to most audiences, brands, and creators by now, and it remains one of the top ways in which influencers make money. With product placement, reviews, event coverage, and more, influencers partner with brands to promote brand awareness as well as specific products and services through social media in exchange for payment or products. For instance, influencer marketing or sponsored content on Instagram alone was valued as a $2 billion industry by 2019. Individual influencer business ventures Successful influencers might also make money by striking out on their own, forming their own companies, merchandise, apps, and more. You will come across social media users who leverage on their platforms and grow fans clients for different kinds of businesses such as fitness, eBooks, among others. Creating a strong personal brand is also one of beneficial ways to generate money on social media. Investors, employers and different opportunities can be on anyone’s feed and social media influencers willing to make money know how to leverage on them.
