Meta to roll out new monetisation tools on Instagram and Facebook
Content creation, which may seem simple and fun to many, is a full-time job that requires skill and effort. Meta has recognised this and plans to focus on offering content creators the tools they need to monetise their content. Monetising content on Instagram and Facebook also aims to keep content creators on these platforms and off other social media platforms which are not under the Meta umbrella.
What Is Meta?
Meta, which was announced by CEO Mark Zuckerberg, has been the rebranding of Facebook and the companies, apps, and technologies that it owns. Meta will also have the Metaverse, which will be home to augmented, virtual and mixed reality technologies. The Metaverse will offer a personalised, immersive online experience where the users can interact with the internet on a more realistic level.
Creators Will Be Able To Monetise Their Content
Zuckerberg has announced that content creators on Facebook and Instagram would be able to monetise their content. This has been done to keep content creators on these social media platforms and prevent them from switching over to rival ones. These new tools would also allow the content creators to prepare and build for the Metaverse once it has been fully established.
One of the main benefits offered to content creators on Facebook and Instagram is that they would not have to pay a share of the money they make on Instagram and Facebook to Meta. Content creators will have this grace period until 2024. They will also have access to paid online events, fan subscriptions, badges, as well as Meta’s independent news products for free.
A range of tools have been introduced for creators to use. These are:
- Interoperable Subscriptions. Content creators often have subscribers and followers on other social media platforms. This tool allows them to give access to these followers to Facebook Groups that are solely for them. This would allow content creators to earn money and receive payments from their followers on other social media platforms.
- Reels. Reels were created to compete with the short-form video content popularised by TikTok. Meta will be introducing the Facebook Reels Play Bonus program which will allow content creators on Facebook to post their reels from Instagram onto Facebook as well. This will allow monetisation on both social media platforms.
- Facebook Stars. This tool offered by Meta allows content creators on social media platforms to monetise the streams they receive. The followers would be able to purchase the Facebook Stars and then gift them to the content creators once the stream had finished. Content creators would need to have at least 1,000 followers over a period of 60 days and would have to abide by Meta’s Partner Monetization Policies and Content Monetization Policies. They would then be able to earn money off Reels, live, or VOD videos. VOD stands for Video on Demand and this means that the video service makes these videos or movies available at the viewer’s convenience.
- Creator Marketplace. This tool would be an area on Instagram where content creators can be found and paid for the content they produce. Brands who are willing to partner with content creators would also be able to post partnership opportunities with content creators that fit their style and brand. The Creator Marketplace will have a partnership messaging folder within the existing Instagram Direct Message section. This is where content and creators will be able to communicate.
- Exploring NFT’s. An NFT, which stands for non-fungible token, is a form of financial security. NFT exists in a blockchain and the ownership of the NFT is recorded in the blockchain. The NFT’s can be transferred, sold, and traded. Meta will explore the NFT’s field on Instagram and Facebook which will allow content creators to post their NFT’s on the platforms. NFT’s being posted on Instagram Stories with SparkAR will also be a part of this test.
As the Metaverse, many of these monetisation tools being offered by Meta are not in effect yet or are in a trial phase. Although content creators may not be able to gain revenue from these tools right now, they will be able to within the next few months. If you are a content creator, you should do your homework and prepare for the new range of benefits and opportunities provided by Meta.