Meta is introducing more ways for creators to make money on Facebook and Instagram. CEO Mark Zuckerberg Tuesday announced that it is rolling out new monetization tools on the two platforms. The company is also expanding some of the existing tools to more creators.
Creator Marketplace is a new feature on Instagram where creators can get discovered and paid for their content. The designated marketplace will open new partnership opportunities for both creators and brands. The company is currently testing this feature.
Meta is also testing an expansion of Digital Collectibles on its photo-sharing app. This will allow more creators to display their NFTs on the platform. The company plans to bring this feature to Facebook in the future, enabling cross-posting of Digital Collectibles too. NFTs will also come to Instagram Stories with SparkAR “soon.”
Additionally, with interoperable subscriptions, creators on Meta platforms will be able to give their subscribers on other platforms access to subscriber-only Facebook Groups.
Facebook Stars, a feature the company introduced a few years back as a way for users to support their favorite creators by tipping, is now available to all eligible creators. The Reels Play Bonus program will also be open to more creators soon. Creators can cross-post their Instagram Reels to Facebook and monetize them on both platforms. Meta plans to pay out $1 billion to Reels creators through 2022.
Meta won’t take a cut from creators’ revenues until 2024
In addition to the new monetization tools, Zuckerberg also announced that Meta won’t take a cut from the money creators make on Facebook and Instagram until 2024. This is an extension of the company’s revenue sharing policy, perhaps the second extension. When Meta introduced the paid online events feature a couple of years back (still called Facebook back then), it said creators will not have to pay any fee for at least until 2021. The company extended that policy till 2023 last year. It will now hold-off revenue sharing for one more year.
According to the Meta CEO, any revenue from paid online events, Subscriptions, Badges, Bulletin, and other monetization tools on Facebook and Instagram will go directly to creators. Of course, Google and Apple may charge a commission on in-app purchases on Android and iOS devices, respectively. But Meta will not eat into creators’ revenues at least for some more time.
“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 said.