Instagram, Facebook to Delay Taking Commission From Creators to 2024
The two social platforms will take a commission from offerings like fan subscriptions, paid events, badges and the company’s newsletter platform and Substack competitor Bulletin, where creators currently get to keep the entirety of their revenue from those platforms. Though Meta has not revealed what percentage of revenue it will ultimately pocket, Zuckerberg has previously said it will be less than 30 percent.
The executive also said Instagram and Facebook will expand its Reels bonus program to more creators and allow them to monetize their short-form videos across both platforms. And on Instagram specifically, Zuckerberg said the company is testing out a creator marketplace that will allow brands and creators to interact for sponsorships and other business opportunities — a service that takes a page directly from TikTok, which offers its own marketplace for marketers and creators.
The monetization updates for creators could help Instagram and Facebook curry favor with creators as the company faces stiff competition from rivals like TikTok and YouTube. The announcement also comes a day before Meta heads to VidCon — the major four-day event in Anaheim for influencers — and is expected to heavily promote its Reels and VR offerings to attendees.
“We’re heading towards a future where more people can do creative work they enjoy, and I want platforms like ours to play a role in making that happen,” Zuckerberg wrote in a Tuesday Facebook post announcing the updates for creators.