Meta set to roll out Metaverse monetization tools for Facebook and Instagram creators
On Wednesday, Meta announced it will roll out more ways for creators to monetize their content on Facebook and Instagram, as well as updates on the current monetization offerings to benefit more creators. These are key measures to help Meta and its creators transition towards the Metaverse.
The updates and tools ‘will help creators build for the Metaverse’ CEO Mark Zuckerberg said of the news.
The announcement was detailed in six updates that Zuckerberg shared in a Twitter thread.
The first one is to allocate more revenue to creators, with the social media giant holding off on any revenue sharing from creators until 2024. This will include paid fan subscriptions, online events, badges and Meta’s upcoming independent news bulletin. Previously, the company said it was going to commit to this only until 2023 but Zuckerberg has extended the deadline.
This will help put more money directly to creators' pockets. ‘When we do introduce a revenue share, it will be less than the 30% that Apple and others take. We’re also launching a new payout interface so creators can see how different companies’ fees and taxes are impacting their earnings.’ Zuckerberg said.
Meta is also testing a designated creator marketplace on Instagram, where creators can share new partnership opportunities with creators. When a brand finds a creator they want to partner with, they can send a project with details attached directly to them.’ There will be a partnership messaging folder available within Instagram DMs so creators and brands can filter through projects and offers.
Additionally, Meta is launching interoperable subscriptions to let creators give their paying subscribers on other platforms access to subscriber-only Facebook Groups. These exclusive groups are Meta’s first foray in interoperable monetization tools for creators, which allows creators to receive payments from their fans on other platforms and access exclusive features on Facebook.
Facebook Stars section will be opened up to all eligible creators to allow more people to earn from creating Reels, live or VOD videos. Facebook Stars are an avenue to allow fans to support their favourite creators. Starting this week, creators with at least 1,000 followers in the last 60 days will be eligible to use this feature.
Facebook Reels Play Bonus program will also be extended to more creators. The feature will allow creators to cross-post their Instagram Reels to Facebook to monetize them on both platforms. US-based creators will be eligible to apply for the Facebook Reels Play Bonus program if they have more than five Reels with a total of at least 100,000 views within the last 30 days.
Finally, the firm is expanding its digital collectibles to allow more creators to showcase and use NFTs on Instagram. The supported Blockchain for showcasing NFTs on Instagram are Ethereum and Polygon, and will include Flow and Solana soon. The feature will be available on Facebook soon, the ability to test the feature will start with ‘a small group of U.S. creators.’ Meta will also test in Instagram stories with augmented reality feature SparkAR soon.
It’s worth noting that Meta’s take on its marketplace for creators appears to be drawing a leaf from its competitors TikTok’s Creator Marketplace, which allows brands to find top TikTok personalities to feature on their marketing campaigns. This is similar to what Meta is striving to achieve with their latest announcement.