In an effort to stay relevant to the ever growing social media space, Meta has updated to monetise more on its platforms.
The company announced that it wants to be working with creators to build the metaverse. In a Facebook post published by Meta CEO Mark Zuckerberg, it was announced that there would be more ways for creators to make money straight to them.
The updates include:
- Digital Collectibles, allowing creators to display NFTs on Instagram. This will allow them to publicise their collections of the controversial crypto;
- No more revenue sharing. Meta has promised to not revenue share until 2024 including Subscriptions, Badges and online events;
- Subscriber Only Facebook Groups. This will allow popular Facebook groups to become paywalled;
- Reels becoming monetised. Reels, a popular content stream on Instagram and Facebook will soon be able to be monetised;
- Creator Marketplace. Brands can share new partnership opportunities, and creators can get discovered (and get paid).
Facebook will also be launching Facebook Stars. This will allow creators who have at least 1,000 followers to monetise their content. Facebook will also be bringing back Stars Fest, a month-long celebration to recognise these premium creators.
How to monetise your reels
Starting soon, US-based creators can apply for the Facebook Reels Play bonus program. However, this is on if they have created 5+ reels and have a total of 100,000+ views in the last 30 days. They must also meet Meta’s Partner Monetisation Policies and Content Monetisation Policies. This program has previously been invite-only to. But it has garnered lots of interest. The new open application process will enable more people to apply to join the program on their own.
For the Instagram test mentioned above, creators can earn money from overlay ads and the Reels Play Bonus Program on Facebook when they cross-post their reels from Instagram.
The new updates have started rolling out.