News updates from this week specified how creators on Facebook and Instagram would not have to share a cut of their revenue with the platforms till 2024. Previously, Meta had specified that it would halt revenue sharing from content creators at least till 2023.
In a post from Tuesday, June 21, Meta chief executive Mark Zuckerberg made an announcement which included all monetisation updates for the platforms. This is where he specified that news related to the extension of the revenue-sharing memo.
As we know, various creators make money on social media platforms such as these through several methods. Essentially, these include fan subscriptions, badges, paid events, and others, with companies coming up with various new ways for them to generate income. Clearly, this is one of the ways in which social media companies are trying to pull creators away from platforms such as TikTok.
Moreover, the post stated that Meta has come up with a new feature for Facebook for this purpose. With this, creators on the platform with subscribers on other would have the provision to give the fans access to subscriber only groups.
Additional announcements from the CEO:
Alongside, Zuckerberg specified that more creators would now be eligible for monetisation programmes. This would include cash bonuses by creating trending Reels, which is Meta’s version of TikTok’s short form videos. Soon, this Reels bonus programme would be available to more and more users on Facebook. With this, creators on the platform would have provision to monetise Instagram videos which are cross posted to Facebook.
Moreover, Zuckerberg stated that the tipping method on Facebook called Stars, would additionally be accessible by all eligible creators. One must keep in mind that Facebook does levy a tax at times when fans buy ‘Stars’. Mainly, the creators gain a penny for every Star they buy, however fans normally purchase those for more.
The post also went on to highlight other features that are currently under process of expansion or being tested. The CEO stated that Instagram is presently testing a marketplace for content creators where they, along with brands looking for partnerships, can locate one another. Owing to TikTok’s wide creator base, it has the provision of a similar feature.
Additionally, even the NFT rollout of Meta’s Instagram is under the process of expansion beyond the US. This feature is set to arrive to Facebook soon, initially only to a specific group of users in the US.