Facebook is keen to compete in the digital battlefield of creators. It has announced its latest initiative to invest more than $1 billion in programs for creators over the next year and a half. It will focus on offering new ways for creators to monetize their content on Facebook and Instagram.
“From artists to style experts and budding entertainers, creators drive so much of the passion and creativity we see across our apps. As we continue building creative tools like Live Audio Rooms and Bulletin, as well as monetization products like Stars and affiliate, we also want to reward creators, especially those who are just starting out, for creating content their communities love,” says Facebook.
Making money on Facebook
Facebook has ramped up its monetization features to convince more online stars to switch from TikTok. Despite its popularity, the latter cannot match the revenue offered across Facebook, Instagram and YouTube.
If Facebook can persuade more top creators to post on its platform, it could reduce the threat of TikTok’s growing presence.
For its part, TikTok has been working on its own monetization tools. It is focusing on ecommerce lists and brand partnerships.
Right now, Facebook holds the lead in this area. And the new $1 billion investment will add more weight to the social network’s drive to lure more top creators to its platform.
Among its latest jabs, Facebook has launched new bonus programs on both Facebook and Instagram. It will give creators rewards for reaching milestones and engagement levels through their unique content and presence.
“The first bonus opportunities on Facebook, available by invitation now, help creators earn more while learning how to create content that can be monetized,” says Facebook.
Among Facebook’s first bonus payment arrangements is through its livestream Stars viewer donation. Creators can earn an extra $150 for every 5000 Stars.
Facebook will also give a bonus in earnings to chosen video creators who will use in-stream ads for the next four months. This will encourage more usage and teach streamers about its monetization tools.
Once creators know how to make more money on the social network, they will rely more on Facebook’s monetization tools. And they will post more often.
Making money on Instagram
Facebook will add the same enticements for Instagram creators. It expects more adoption of IGTV ads and the use of badges in Live and Reels.
If Facebook can give incentives to a good number of creators through these programs, it will spur a new wave of creator shift. It will empower them to earn more for their online efforts. And it has a direct path to through the various monetization tools that Facebook has to offer and has been building on.
Take note that Facebook had the same creator initiatives for video when it tried to boost Facebook Watch. Those payments withered. Many relied on Facebook revenue, but they lost out as its priorities switched.
It may happen again. Facebook will still look out for itself first.
If you want to sign up for the new Facebook bonus programs, click here for more info.