Instagram, as well as other platforms such as Facebook, YouTube, and Google, are extremely important in the world’s economy. As a matter of fact, lots of people make a living thanks to one or all of these platforms. In this case, I am going to use myself as an example. You see, even though I am not an influencer, the mere fact that Instagram exists allows me to have a job in which I caption the videos of certain clients and get paid for it.
Now, I’m just one out of many. The fact of the matter is that social media platforms make it possible for everyone to benefit either economically, or personally. There are literally more than 70 million creators combined between platforms such as Instagram, YouTube among others. But, what would happen if any of these sites went bankrupt all of the sudden?
More specifically, what would happen if Instagram went bankrupt? Let’s look into that.
Instagram Bankruptcy Scenario
First of all, it is important to understand that this is not a real scenario. The chances of Instagram declaring bankruptcy are the same as those of finding a briefcase with one million dollars inside. Honestly, I can only imagine one reason for the platform to lose all that is gained so far. And that is to violate the privacy of its users the same way Facebook did.
Zuckerberg was lucky back then, but having another one of his companies involved a similar scandal. Yes, that would probably end Instagram’s legacy. Nevertheless, we still think it would be entertaining to detail the number of things that could happen if Instagram goes broke. So let’s begin.
Instagram’s wealth is so big that if we were to spend all the money it’s generated to this day, we could probably buy a small country with it. Maybe more. You see, when a company makes hundreds of millions of dollars every year, the stock exchange becomes an option one must consider.
Indeed, most if not all the best companies in the world are on the Stock Exchange. Amazon, Google, Apple, etc. There, one can buy and sell stocks and make money off of it. So, if Instagram were to go bankrupt, its shares would no longer have value.
The company would leave the Stock Exchange and millions of dollars invested from people all over the world would be lost.
People Losing Jobs
Along with the millions and millions of dollars in stocks people would lose as a result of Instagram going bankrupt. Tons of influencers, brands, and freelancers would stop making money off of the platform. The fact of the matter is that Instagram has become an excellent place for pretty much everyone to succeed.
Not only in terms of making a profit substantial enough to quit the typical 9 to 5 job. But also in matters of being able to create your own brand and grow from there. So, it’s fair to say that if Instagram were to disappear, lots and lots of people from all over the world would need to look for another platform where they could continue to make money.
A New Platform
There is no doubt in my mind that if Instagram were to declare bankruptcy, lots of companies would jump at the chance of creating a platform that could mimic everything Instagram offers nowadays. That or simply buying the site and changing the name.
The fact of the matter is that even if Instagram were to disappear, we would soon find a replacement to fill that void of scrolling up and down on our phone screens to look at the newest celebrities’ photos online. Indeed, there is more than one company that could replace Instagram.
However, the one most people would transition to is probably Snapchat. Oh, dear Snapchat. The yellow ghost app was once the competitor of the now second-largest social media platform in the world. So, with Instagram out of the map, we can only imagine Snapchat being crowned king for the first time ever.