Meta, the company behind Facebook and Instagram, has announced a series of new monetization tools for content creators on these platforms. These tools are aimed at attracting and retaining top creators by providing them with more opportunities to generate income. Let’s take a closer look at these exciting developments.
1. Interoperable Subscriptions
Creators on Facebook can now automatically add their fans from other platforms to subscribers-only Facebook Groups. This feature allows creators to receive payments from their fans on different platforms while saving time by eliminating the need to manually approve individual members into their Facebook Groups. Initially, this service will be launched with a select group of partners before expanding further.
2. Facebook Stars
Facebook Stars, a virtual currency used to support creators, is now available to all creators. However, to be eligible, creators must have at least 1000 followers in the preceding 60 days, be located in a country where Stars are available, and comply with Meta’s Partner Monetization Policies and Content Monetization Policies. This monetization option applies to Facebook Live, on-demand videos, and will soon be extended to Facebook Reels.
3. Monetizing Reels
Previously, access to the Reels payment program was by invitation only. Now, US-based creators can apply to join the program. To qualify, creators need to have created more than five Reels and accumulated a total of 100,000 views in the previous 30 days. Additionally, they must adhere to Meta’s Partner Monetization Policies and Content Monetization Policies. Furthermore, creators can now cross-post their Reels on both Instagram and Facebook, allowing them to earn money on both platforms.
Moreover, creators will soon have the option to use the “Paid Partnerships with” label for their branded content on Facebook Reels. This will enable sponsors to convert these partnerships into Branded Content Ads.
4. Creator Marketplace
Following in the footsteps of platforms like TikTok and Snapchat, Meta is launching a Creator Marketplace on Instagram. This marketplace aims to connect creators with suitable brands for collaboration. Creators can indicate their interest in creating branded content for specific brands and topics. Brands, using the Meta Business Suite, can discover and collaborate with creators by sending project details, including deliverables and payment, for potential partnerships.
5. Digital Collectibles
Since May 2022, Instagram has allowed the sharing of NFTs (non-fungible tokens) on its platform. Meta plans to expand this feature to more creators in select countries and will soon introduce it on Facebook as well, starting with a small group of US creators. Users will have the ability to cross-post NFTs on both Instagram and Facebook. Additionally, Instagram Stories will soon host NFTs in partnership with SparkAR.
Empowering Creators in the Social Media Landscape
In the past, content consumption was largely controlled by a select few in production companies. However, the rise of social media has shifted the power to independent creators who can directly deliver content to their audiences without the need for intermediaries. Recognizing this shift, major social media platforms are actively seeking ways to attract and retain top creators, ensuring a steady stream of engaging content for their users. These recent monetization tools introduced by Meta demonstrate their commitment to empowering creators and providing them with opportunities to monetize their presence on Instagram and Facebook.
As a content creator, now is an excellent time to explore these new monetization options and leverage the power of social media platforms to generate income from your content.