22 Jun Mark Zuckerberg announces new creator monetization tools for Facebook and Instagram
In a seven-part threaded post yesterday, Facebook founder Mark Zuckerberg outlined near-future plans that aim to enhance opportunities for influencers and digital creators to earn money by posting on both Facebook and its Meta-owned sister platform Instagram. The announcement includes opening up the Facebook Stars token tipping system to all eligible creators, expanding the Reels Plays Bonus program to more creators, and launching a Instagram Creator Marketplace to help connect sponsors with publishers for brand partnerships.
“We’re heading towards a future where more people can do creative work they enjoy, and I want platforms like ours to play a role in making that happen,” Zuckerberg wrote.
Here’s what creators have to look forward to on Facebook and Instagram:
Free use of monetization tools until 2024: Instead of starting to charge creators to use Facebook’s paid online events, subscriptions, badges, and bulletin products, Zuckerberg says these tools will remain free for use until 2024, so creators will continue to keep all revenue earned.
Interoperable subscriptions: Facebook Groups will open up, allowing creators to grant access to subscriber-only groups to their paying fans and subscribers on other platforms—an interesting maneuver to attract younger users from the creator economy fanbase back to Facebook, which has, over the years, begun to skew towards an older demographic.
Facebook Stars: The token tipping system, which allows viewers to buy virtual stars and send them to their favorite creators will open to “all eligible creators,” Zuckerberg says. This gives publishers a platform-endemic revenue source to help monetize Reels, live streams, or videos-on-demand.
Reels Play Bonus program: Meta will open the Reels Play Bonus incentive to a larger pool of creators, who will become eligible to earn up to $35,000 each month based on the performance of up to 150 Reels creators nominate for inclusion.
Creator marketplace: As the creator economy expands and evolves, so does the interstitial economy—it’s no longer necessary to pay high agency fees or negotiate with managers in order to secure an influencer endorsement. Zuckerberg announced that Instagram will test a creator marketplace where brands and creators can connect directly for partnership and sponsorship opportunities.
NFTs: Long rumored to be on the horizon, it looks like NFTs are coming to both Instagram and Facebook. Zuckerberg says that starting with a small group of creators in the United States, the Meta-owned platforms will begin to allow account holders and creators to display and cross-post NFTs in feeds and in Instagram Stories.
Source: Fast Company