Meta founder and CEO Mark Zuckerberg has announced that the company is opening up more revenue streams for creators on Facebook and Instagram, as well as expanding some current monetisation tools to more creators.
One of the biggest changes is a designated Instagram marketplace where creators can get discovered and paid-for content at the same time. This marketplace also lets brands announce new partnership opportunities, in addition to adding a separate partnership messaging folder within Instagram DMs to help creators and brands sort through their offers and projects alike.
This marketplace is Meta’s attempt to compete with TikTok, a platform that has emerged out of nowhere to create problems for the company. TikTok also operates a similar creator marketplace that allows users to discover new creators and their marketing campaigns, something Meta hopes to replicate.
A full list of the coming changes is as follows.
- More money to creators: Meta will be holding off on any revenue sharing on Facebook and Instagram until 2024. This includes paid online events, Subscriptions, Badges and Bulletin.
- Cross-platform subscriptions: Creators can now give their subscribers access to subscriber-only Facebook groups, even if they initially purchased the subscription from another platform.
- Facebook Stars: Facebook stars are now open to all eligible creators letting them make more money from Reels, live sessions and other content.
- Reels Play Bonus comes to Facebook: The Reels Play Bonus program is coming to Facebook soon. This allows creators to post their Instagram reels on Facebook for more revenue.
- Instagram Marketplace: As mentioned before, Instagram is now getting a dedicated marketplace for creators to help in discovery while also making more from their content.
- NFTs come to Instagram: Meta is also expanding its NFT test to include more creators, allowing them to display their NFTs on Instagram. This feature will also be coming to Facebook soon, starting with a small group of US creators. This lets users cross-post NFTs between Instagram and Facebook. Additionally, NFTs in Instagram stories using SparkAR will also be tested soon.
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