Payout happens on Reels that get at least 1000 views over 30 days, so it's pretty attainable and definitely worth your time. It is currently US-based and invite-only, but Instagram did state that they're looking to expand the program globally in 2024. So if you're not in the US, just sit tight.
The Reels Play Bonus Program, announced in July, offers financial rewards to creators who post on Reels, Instagram's TikTok-style short-form video clone. Payouts ranged fromR$600 to as much asR$35,000 if videos hit a target view count, but creators expressed confusion over how payments and goals were determined.