Content is king on social media, and all the platforms are in a sort of gold rush to ensure the supply of new content does not run dry. Every day, it seems, one platform or the other announces some new scheme or incentive for content creators to sign up to.
Not to be left behind, Meta has announced several new ways creators can monetize their content on Instagram and Facebook. Here are the details.
All social media platforms have one way or another of making money, and perhaps YouTube offers the most accessible ways to make money.
These monetization options are always being updated. Thus, Mark Zuckerberg has posted several new monetization tools Meta is rolling out for creators on Instagram and Facebook.
In addition, Meta’s blog confirms the company will not charge subscribers a fee on Subscriptions, Badges, Paid Online Events, and Bulletin for an additional year until January 1, 2024.
Clearly, Meta is going all out to attract and hold on to its best creators.
Meta has released five new ways for creators to make money on both Instagram and Facebook.
1. Interoperable Subscriptions
Facebook will now allow creators to automatically add their fans on other platforms to subscribers-only Facebook Groups. This allows them to receive payments from their fans on the other platforms, and save time by not having to manually let individual members into their Facebook Groups.
Facebook will launch the service with a limited group of partners before expanding.
2. Facebook Stars
Facebook Stars is now open to all creators. However, they must have at least 1000 followers since the preceding 60 days, be in a country where Stars are available, and meet Meta’s Partner Monetization Policies and Content Monetization Policies. This applies to Facebook Live, videos on-demand, and will soon be available on Facebook Reels.
3. Monetizing Reels
The Reels payment program was previously only available to creators on an invite-only basis. Now Facebook is allowing US-based creators to apply to join. However, they must have created more than five Reels and have a total of 100,000 views in the previous 30 days, and they must meet Meta’s Partner Monetization Policies and Content Monetization Policies to be eligible.
Facebook is also now allowing creators to cross-post Reels on both Instagram and Facebook and earn money on both platforms.
In addition, creators will shortly be able to use the “Paid Partnerships with” label for their branded content on Facebook Reels. This will allow sponsors to convert them to Branded Content Ads.
4. Creator Marketplace
Meta is following in TikTok’s and Snapchat’s footsteps by launching a Creator’s Marketplace on Instagram intended to match creators with suitable brands.
Creators will be able to indicate the brands and topics they’re interested in making branded content for. Brands will be able to find and collaborate with creators through the Meta Business Suite.
“When they’ve found a creator they want to partner with, they’ll be able to send a project that outlines the details of the opportunity, including deliverables and payment offered,” according to Meta.
5. Digital Collectibles
Instagram started allowing NFTs to be shared on its platform in May 2022. Now Meta will allow this feature to be available to more creators in select countries, and soon on Facebook as well (starting with a small group of US creators). Users will be able to cross-post on both Instagram and Facebook.
Instagram Stories will also start hosting NFTs, in partnership with SparkAR.
Creators Have the Upper Hand
In the old days, the content we consumed was determined by a few people at the top of a production company sitting around a boardroom table. These days, social media has shifted the power to independent creators who execute and deliver content directly to us, with no oversight.
The leading social media platforms have taken notice and are scrambling to find ways to lock in the best creators on their platforms in order to lock in our eyes as well. Clearly, it’s a good time to be a creator.
