What a time to be a creator! On Thursday, social media giant Facebook announced its plan to help creators monetize their content.
According to Business Insider, the new feature allows creative users to earn money off 60-second videos and live-streamed events. It also will open ad opportunities for more users.
The update puts the company alongside TikTok, which also allows short-form videos. Facebook’s new ad program paves the way for its users to profit off their videos while giving the company a competitive edge.
TikTok influencers make money from their views which are managed by the app’s Creator’s Fund. Those within the group have to have at least 10,000 followers and views within 30 days of applying.
According to Tubefilter, TikTokers can make 2-4 cents per 1,000 views.
Facebook Director of app monetization, Yoav Arnstein, says Facebook wants to further empower creators that make short-form and live videos.
The company’s ad campaigns bring in an average of $8.75 per 1,000 views. Tubefilter says that Facebook creator revenue fluctuated last year, with some influencers bringing in millions of dollars off the site, while others with millions of views got nothing.
Before the update, FB’s monetization program focused on videos at least three minutes long and was based on invite-only for live in-stream ads. The new update will expand the number of users who will be permitted to make money through the site.
To qualify for the new program, a user must have at least 10,000 followers and receive 600,000 overall minutes worth of views within the past 60 days. Users must also have at least 5 uploaded or live video streams.
Arnstein added that the new program is geared to help artists who were negatively impacted by the coronavirus pandemic, like those who were forced to go from live touring events to live-streaming on Facebook can benefit.
“We want them to have the tools and support they need to earn money and thrive, whether creating and sharing content is a primary business, one of many revenue streams, or a lifeline that’s kept their business afloat during the pandemic,” Arnstein said in the press release.
In addition, creators can access more fan support through the site’s invite-only Stars program, allowing viewers to send gifts and creators to make money off viewer support.
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