This is interesting - according to a new discovery by reverse engineering expert Jane Manchun Wong, Instagram is testing out the capability to add up to four hashtags and a location to your Instagram Stories highlights.
Stories Highlights are collections of Stories that you opt to keep active on your profile after the regular 24-hour expiry. And up till now, Highlights content has not appeared in Instagram searches, or in the Explore listings, but given this test, maybe that's about to change.
The only reason, of course, that Instagram would be looking to add searchable elements like hashtags and/or location is to enable people to search for them. Maybe, then, we're close to seeing Highlights content in relevant search surfaces, which could give Stories Highlights increased value in a discoverability sense.
That could prompt more business, in particular, to use Stories highlights, while it could also change your approach to the same.
It's only in test mode at this stage, but it's worth considering the implications of such an update, and what that might mean for your Instagram strategy.