On a positive note, Instagram announced today that it is expanding its marketplace tool to reach new horizons. The popular social media platform will now connect brands with creators in eight countries, offering new opportunities for paid partnerships and sponsored ads.
The countries set to join this marketplace venture include Canada, Australia, New Zealand, the United Kingdom, Japan, India, Brazil, and even beyond. The platform initially launched in the United States in 2022 and has since welcomed “thousands” of creators and brands onboard.
The idea behind the marketplace is to offer a seamless way for creators and brands to collaborate, making the process of finding and connecting with each other more efficient and streamlined.
Instagram made notable progress last year when it enhanced its creator outreach and briefing features with API capabilities. The platform also extended an invitation to agencies to utilize its services.
Furthermore, in exciting news, the marketplace is now also open to Chinese export brands, enabling them to partner with creators outside of China.
Over the next few weeks, both brands and creators in these eight new regions will receive invitations to join the marketplace. This means that creators will have the opportunity to showcase their content and list their interests and brands relevant to them through the professional dashboard on the Instagram app.
As for brands, Instagram’s advanced machine learning algorithm will assist in finding the perfect creators for specific marketing campaigns. Additionally, manual search options and filters are available, allowing brands to refine their search based on the creator’s audience and ad experience.
Once a creator is connected with a brand through the marketplace, all communication and requests will be housed in a designated folder on Instagram, appropriately named “Partnership messages.” This ensures a smooth and cohesive collaboration experience for all parties involved.
It’s worth noting that Instagram faces competition in the creator marketplace arena, with other platforms such as Snap, YouTube, and TikTok offering similar functionality. However, some startups have also joined the scene, aiming to solve the challenge of connecting brands with creators effectively.
For example, Accel-backed Catch+Relase assists brands in discovering licensable content efficiently. Similarly, Agentio, backed by a $4.25 million seed investment from Craft Ventures and AlleyCorp, has created a platform to manage the process of YouTubers selling ad slots in their videos.
Breaker, with notable investors such as Marc Benioff, a16z/TxO, ex-CEO of TikTok Kevin Mayer, and RGA Ventures, acts as a mediator between record labels, artists, and influencers to facilitate promotion campaigns.
