Biz Lessons Behind Instagram Making $660M on Blue Checkmarks

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 24 April 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2434, Neil and Eric talk about the business lessons behind Instagram making $660M on blue checkmarks. Tuning in you’ll hear all the details of Instagram's decision to charge for blue checkmarks and the record profits they are making virtually overnight. Today’s conversation also delves into predictions for this trend — like how it might play out in other social media brands owned by Meta — before covering the business lessons we should all be learning from this news story! TIME-STAMPED SHOW NOTES: [00:20] Today’s topic: Biz Lessons Behind Instagram Making $660M on Blue Checkmarks. [00:34] A rundown of the Instagram blue checkmark news story. [01:14] The differences between Instagram and Twitter. [02:18] Why charging for a blue checkmark is likely to undermine its prestige and credibility. [03:18] Our predictions for how the economy around badges and checkmarks will evolve on Instagram and related platforms like Whatsapp and Facebook. [04:07] The business lessons we can all learn from this development at Instagram. [05:27] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Instagram Twitter WhatsApp Facebook Meta Don’t forget to help us grow by subscribing and liking on YouTube! Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Welcome to Marketing School, the only podcast that provides daily top-level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach.
0:11.5	Let's start leveling up your marketing knowledge with
0:14.0	your instructors Neil Patel and Eric Sue.
0:17.0	All right, so we're going to talk about something crazy.
0:22.6	Something that is 660 million dollars crazy.
0:25.6	Ergo, Instagram made 660 million dollars on the blue check marks.
0:30.2	And that is 44 million.
0:32.0	So Neil, you want to elaborate on this one a little bit or I can elaborate.
0:34.6	Yeah so there's some press articles that ended up coming out and with Instagram they ended up making
0:40.7	as Eric mentioned, $660 million,
0:45.0	all from charging for blue check marks.
0:47.4	And I believe that happened in the first 24 hours
0:52.0	of them going out and charging for that blue check mark.
0:55.6	The exact numbers were they sold 44 million blue check mark verifications in one day at
1:00.7	$15 a month making a whopping $660 million,
1:05.1	literally in just 24 hours, which means that number,
1:09.1	if it stays true and holds,
1:10.8	it's going to get into the billions quite quickly.
1:13.0	You know what's nuts? I mean, I don't know what, Neil, if you can check what the MAU is on for
1:17.2	Instagram versus like a Twitter as an example, but I would bet that Instagram's a lot bigger.
1:22.2	And the other thing is,
1:24.5	Instagram, when it first came out with the blue,
	...

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