Mark Zuckerberg, CEO of Meta, announced that the company is introducing more approaches for a small group of creators to monetize their work on Facebook and Instagram.
Mark Zuckerberg, CEO of Meta, said the company is introducing new opportunities for some people to monetize their Facebook pages. On June 21, Zuckerberg wrote on Facebook that there would be updates to "help creators create for the metaverse." He went on to say that he wanted social media sites like Facebook to help the developing creator economy.
In his thread, Zuckerberg included six new updates. The first involved giving authors more money but delaying revenue sharing on Facebook and Instagram until 2024 by social media giants. This includes subscriptions, badges and newsletters, as well as paid online events. The chief executive has now extended a commitment to give more money to creators, who previously only existed until 2023. He stated that the deal would take “less than the 30% Apple and others take” in a June 2021 post.
By using interoperable subscriptions, producers can grant access to Facebook Groups that are only available to paid users on other platforms. More users will be able to profit from their videos on Reels, live or VOD, thanks to the expansion of the Facebook Stars section to “all eligible creators”. More creators will have access to the Reels Play Bonus program, allowing them to post Instagram Reels videos to Facebook and monetize them there as well.
To help content creators get recognized and paid, an Instagram Creator Marketplace is also being developed. In addition, brands will be able to discuss new perspectives for cooperation. Additionally, the company is increasing the number of producers who can employ and display NFTs on Instagram, expanding their digital collectibles. He continued: “Starting with a small group of US creators”, this feature will be available soon on Facebook. The new updates will not be accessible to everyone because qualified producers must meet specific prerequisites.
In May, Instagram's Digital Collectibles feature began testing NFTs. As rivals like TikTok, which has its own creator marketplace, gain popularity, Meta is looking for original material for the platform. Whistleblowers have raised concerns about the company's ambitious Metaverse goals.
