This is intense competition among social media platforms to attract creators and to ensure they remain on the platforms. One of the easy ways is to ensure creators make money on the platforms.
Mark Zuckerberg has just listed new ways for creators to make money on Facebook and Instagram. According to the Meta boss on his Facebook page, “Rolling out more ways for creators to make money on Facebook and Instagram — and sharing updates that will help creators build for the metaverse. 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.”
Here are the new ways he listed:
- More money straight to creators: We’ll hold off on any revenue sharing on Facebook and Instagram until 2024. That includes paid online events, Subscriptions, Badges, and Bulletin.
- Interoperable Subscriptions: We’re letting creators give their paying subscribers on other platforms access to subscriber-only Facebook Groups.
- Facebook Stars: We’re opening them up to all eligible creators so more people can start earning from their Reels, live, or VOD videos.
- Monetizing Reels: We’re opening up the Reels Play Bonus program to more creators on Facebook soon and letting creators cross-post their Instagram Reels to Facebook and monetize them there too.
- Creator Marketplace: We’re testing a set place on Instagram where creators can get discovered and paid, and where brands can share new partnership opportunities.
- Digital Collectibles: We’re expanding our test so more creators around the world can display their NFTs on Instagram. We’ll bring this feature to Facebook soon too — starting with a small group of US creators — so people can cross-post on Instagram and Facebook. We’ll also test NFTs in Instagram Stories with SparkAR soon.
About a year ago, Zuckerberg announced that meta was planning to pay out $1 billion through 2022 to content creators for its Facebook and Instagram social networks. He said that it was one way the company hoped to attract influencers to create content for its platforms as it competes with other popular services, such as TikTok.
Tiktok has been a major competitor in this space. In 2020, it launched a $200 million TikTok Creator Fund to help enterprising creators who are seeking opportunities to cultivate a livelihood through their innovative content. Snapchat followed up almost immediately the same year, by saying it would pay over $1 million every day to the most popular creators.
At the end of the day, it is the creator that will be smiling to the bank.
