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Meta CEO, Mark Zuckerberg, has announced that the company is rolling out tools to help select creators to make money on Facebook and Instagram. In a Facebook post dated June 21, Zuckerberg stated that Meta is rolling out updates on both Facebook and Instagram to “help creators build for the metaverse” as well as grow the economy of the creators.
In a Facebook post, the CEO shared six new updates, the first one being more revenue to creators, with the social media platforms holding off any form of revenue sharing like paid online events, Bulletin, Badges, and Subscriptions until 2024.
According to the previous commitment which has now been extended, more revenue to creators was to go up to 2023. Zuckerberg earlier on had claimed that the firm will take “less than the 30% that Apple and others take.”
The future for the metaverse content creators
With the help of Interoperable Subscriptions, creators will allow other paying subscribers to access the subscriber-only Facebook Groups. Besides that, a Facebook star section will be open to all eligible creators in order to enable users to earn from Reels, VOD, and live videos.
In addition, The Reels Play Bonus program will also be opened up as well so that more creators can be able to cross-post Instagram Reels to Facebook and monetize them.
Instagram Creator Marketplace
Meanwhile, Instagram Creator Marketplace testing is underway to enable the creators to be discovered and paid as well as enable brands to share new partnership opportunities
In addition, the company is also expanding its digital collectibles creators to use and showcase NFTs on Instagram. The CEO said that the feature will be coming soon to Facebook and it will start with a small group of US creators, however, there will be some specific requirements that the creators will have to meet so that the new upgrade will only be available to eligible creators.
However, Instagram is already using the feature after testing the NFTs through their Digital Collectibles in May, besides that, TikTok has its creator marketplace. This challenges Meta to look for more unique content for its platform despite much scrutiny from whistleblowers.
Curbing fake Facebook Reviews
On June 20, Facebook launched a new Community Feedback Policy after some users started spreading fake news on the platform especially the business community who use the platform for advertisement.
The firm said:
“Businesses must now comply with our Community Feedback Policy, which specifically prohibits manipulation of reviews, incentivization, irrelevance, graphic content, and spam.”
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