In a recent Facebook post, Meta CEO Mark Zuckerberg announced that there would be updates to “help creators build for the metaverse.” In his opinion, platforms such as Facebook should be involved in the growing economy of creators.
In his thread, Zuckerberg announced six updates that will benefit creators. The first one was more revenue for creators, with social media platforms holding off on any revenue sharing on Facebook and Instagram until 2024. He also said that includes paid online events, subscriptions, badges as well as bulletins.
The CEO has extended the company’s commitment to give more revenue back into the Creator ecosystem. In a June 2021 post, he said they would take “less than 30% that Apple and others take.”
Eligible Content Creators
Paying subscribers on other platforms can now access subscriber-only Facebook Groups with “Interoperable Subscriptions.”
Additionally, the Facebook Stars section will be opened up to all eligible creators. This means that more people can earn from their Reels, VOD, or live videos on Facebook and Instagram.
Also, with the Reels Play Bonus program, creators will be able to post their Instagram videos on Facebook and monetize them there as well.
Instagram is testing a new marketplace for creators to get discovered and paid. Brands will also have access share partnership opportunities through this site, which could be an excellent way of finding creative partnerships.
The firm is expanding its digital collectibles to enable more creators to display and use NFTs on Instagram. He also announced that this new feature is coming to Facebook soon, and it’ll be available for selected US-based creators. To qualify as such you have to meet specific requirements so unfortunately, not everyone can enjoy these upgrades.
Instagram started testing NFTs through its Digital Collectibles feature in May. In the wake of increasing competition from TikTok, which features a popular creator marketplace as well, meta is seeking unique content for its platform. But it has been reported that the company’s grand Metaverse plans have attracted some scrutiny from whistleblowers.
Fake Facebook Review Crackdown
Facebook is well known for fake news but the platform has made a conscious effort to rid their platform of fake news.
On June 20, the company announced a new Community Feedback Policy in the US to share what they allow and prohibit. The firm said that it was targeting businesses using its platform for advertising
“Businesses must now comply with our Community Feedback Policy, which specifically prohibits manipulation of reviews, incentivization, irrelevance, graphic content, and spam.”