Since the early days of the COVID-19 pandemic, Meta has announced that it will not be cutting creator earnings on Facebook and Instagram as a measure to help small businesses. The company first announced that the emission reduction revenue would last “for at least the next year,” but now it has confirmed that the benefit will be extended through 2024.
The announcement was made by Meta CEO Mark Zuckerberg in a Facebook post (via The Verge). The company will “postpone any Facebook and Instagram revenue sharing until 2024,” Zuckerberg said. Creators will have two more years to earn 100% profits from paid online events, fan subscriptions, badges and newsletters.
This can be seen as Facebook’s attempt to compete with TikTok, as the platform now allows creators to offer access to exclusive lives through a paid subscription. Other social networks such as Twitter are also investing in new ways to monetize their content.
When Facebook first announced it would stop taking a share of creators’ income during the pandemic, the company asked Apple and Google to skip or at least cut the 30% commission on in-app sales. However, while Google agreed with Facebook, Apple denied the request. Not surprisingly, Facebook has criticized Apple for this decision.
But that’s not the only update Zuckerberg announced on Tuesday. The Meta platforms will now have collaborative subscriptions, so paying subscribers on other platforms can also have access to exclusive Facebook groups. In addition, Facebook is expanding Stars to all eligible creators.
Other updates include opening the Reels Play Bonus program to more creators, as well as new features for marketplaces and NFTs.
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