Meta will introduce new monetization options, such as a creative marketplace, on Facebook and Instagram.
Mark Zuckerberg, CEO of Meta, declared today that the business is expanding some of its current monetization capabilities to additional creators as well as introducing new opportunities for creators to monetize their work on Facebook and Instagram. Zuckerberg said that until 2024, Meta would continue to provide its planned independent news items, fan subscriptions, badges, and paid online events free for artists in order to give them more money directly. The business previously stated that it will continue to do this through 2023.
Zuckerberg revealed that Meta is experimenting with a specific Instagram location where content producers can be found and compensated for their work. According to Meta, businesses may publish fresh relationship possibilities in the creative marketplace.
A brand may send a project to a creative with the specifics, including information about deliverables and payment, once they have found one with whom they wish to collaborate. According to Meta, Instagram DMs will include a collaboration messaging folder where creators and companies may sort through their offers and undertakings.
It’s important to note that TikTok’s Creator Marketplace, which serves as the video app’s internal influencer marketing platform, and Meta’s approach to their respective creator marketplaces appear to be comparable. With its own creator marketplace, Meta appears to be seeking to do what TikTok’s Creator Marketplace does for brands: it enables them to find popular TikTok users for their marketing efforts.
It’s obvious that Meta’s Creator Marketplace will play a role in its ongoing battle with TikTok and recruitment of new creators to its platform.
Additionally, Meta is introducing interoperable subscriptions to enable artists to provide their paying customers on other platforms access to Facebook Groups that are exclusively available to subscribers. The business claims that these exclusive groups represent Meta’s initial investment in creators’ interoperable monetization capabilities, which enables artists to accept money from their followers on other platforms and provide access to Facebook’s special features.
Regarding the company’s existing monetization options, Zuckerberg said that Meta is allowing more artists on Facebook to participate in the Facebook Reels Play Bonus programme and that creators may cross-post their Instagram Reels to Facebook and monetize them there as well. Part of Meta’s broader $1 billion creator fund is the Reels Play Bonus programme.
Beginning next week, American-based producers who have produced more than five Reels and have attracted a total of at least 100,000 views in the last 30 days are eligible to apply for the Facebook Reels Play bonus programme. To be eligible for the programme, creators must adhere to Meta’s Partner Monetization Policies and Content Monetization Policies. The programme was invite-only before its expansion.
According to Meta, the programme has attracted a lot of interest, and applications are currently being accepted.
In addition, Zuckerberg disclosed that Facebook Stars, the virtual things that let supporters to show their love for their preferred artists, will now be available to all qualified producers. Creators will be able to join this week if they have at least 1,000 followers during the last 60 days. Creators must adhere to Meta’s Partner Monetization Policies and Content Monetization Policies, as well as be in an area where Stars are accessible. Stars Fest, a month-long festival from June 15 to July 15 to honour Stars creators, is also returning thanks to Meta.
In a Facebook post on today’s event, Zuckerberg stated, “I want platforms like ours to play a role in making that happen. We’re moving toward a future where more people can perform creative work they like.”
Additionally, Zuckerberg said that Meta is expanding its NFT test on Instagram so that more creators from across the globe may showcase their NFTs there. Ethereum and Polygon are the supported blockchains for showing NFTs on Instagram; Flow and Solana support is on the way. A select number of artists with U.S. locations will be the first to participate in this test when it launches on Facebook, according to Zuckerberg. Creators will be able to cross-post on Facebook and Instagram thanks to the Facebook test. Additionally, Meta will experiment with NFTs on Instagram Stories with SparkAR soon.