The era of digital content creation has seen several people step up creating content of all genres and even give rise to new genres. While many people benefit from it, the social media platforms too see this era as a catapult for expanding their user base. Speaking of content creation, Facebook has confirmed a billion dollar investment in creator-made content!
Here are all the details:
Facebook plans to pay out $1 billion to creators over the next year and a half i.e. Throughout 2022. The money will be given to creators who use products (listed under Facebook) in different ways. On Facebook, creators can get a cash bonus for running ads on their videos or reaching certain tipping milestones during livestream. On Instagram, content creators can get paid for enabling ads on their IGTV videos, get tipped on livestreams, or by creating popular videos on Reels.
As of now the money is available to creators on an invitation-only basis and new options for generating monetary revenue will be announced later. Facebook indicated it would expand the availability to more creators some time later in the year, launching a “dedicated place for bonuses within the Instagram app this summer and in the Facebook app this autumn.” Mark Zuckerberg, Facebook CEO says that the initiative is meant to make Facebook “the best platforms for millions of creators to make a living,”
According to the Verge: “Facebook’s approach is more confusing than other companies, framing the money as a “bonus” for completing various activities and goals, rather than focusing on a single product. But the intention seems to be investing cash to juice the company’s many different services all at once, helping them stand out as the apps start to see new competition from companies like TikTok and Clubhouse. Last month, Facebook announced that it wouldn’t take a cut from creators making money with a number of its services until 2023, in another attempt to make the network more appealing.“
With this move, Facebook seriously aims to turn content creators into a new source of revenue. With ad problems someplace else on the platform, direct tipping and payments can offer the enterprise a backup in the event that they develop to a large enough scale. But in saying that the process has a long way to go.