Content creation promises to play a major role as the digital world transforms into its next iteration — Web3. Social media platforms have also started adapting and preparing for the metaverse. This benefits content creators, who now have a better chance than ever to make a living from their passions.
The tech giants are also embracing this phenomenon to help creators turn what they love to do into a career. Meta CEO Mark Zuckerberg announced his company’s role in this transformation via a Facebook post on June 21. Let’s delve into what he revealed and what this entails for content creators.
Modern Tools for Modern Creators
Artistic mediums might change, but creativity is part of the human experience. Modern creators use tools like cameras, computers, and other digital gear to express themselves. And Meta is giving these creative minds more instruments to take their work to new levels.
Interoperable Subscriptions
In his post, Zuckerberg announced the launch of interoperable subscriptions. This feature will allow paying subscribers of a creator exclusive access to members-only Facebook groups, even if they’re from another platform!
Facebook Stars
He also announced opening up the Facebook Stars program for all eligible creators. It will allow creators to monetize their videos, whether it’s a live or a VOD (video on demand), through tips.
Reels Play Bonus
Further, Meta will also open up the Reels Play Bonus program to more creators. This feature allows creators to earn money from Reels, which are short videos posted on Instagram and Facebook. Meta will also let creators cross-post Instagram Reels to Facebook.
Digital Collectibles
But that’s not all! Meta is also capitalizing on the NFT boom, which promises to play a significant role in Web3. Earlier in May, Instagram started testing a new feature called Digital Collectibles that allowed selected US creators to showcase their NFTs to their followers. Zuckerberg has now revealed that they would expand this test so more creators can jump on the bandwagon. Moreover, Facebook will also soon introduce this program, allowing creators to cross-post their digital art on IG and Facebook. Even Instagram Stories will soon have an NFT-compatible feature.
A New Hub for Creators
Zuckerberg’s announcement also mentioned a new Creator Marketplace on Instagram. Meta is currently testing this feature whereby creators will have a designated space on Instagram to get discovered. Here, brands would be able to explore content from the best creators and start a paid partnership with them.
When a brand finds a creator that seems like a fitting ambassador, they can offer that person a collab opportunity. The IG message folder will also allow creators and brands to filter offers and available projects.
An Added Incentive for Creators
Perhaps, the most lucrative benefit for creators is that Meta will not take any portion of their revenues till 2024. This is a one-year extension of the company’s initial plans. Creators on Facebook and IG can claim 100% of the money earned through online events, subscriptions, badges, etc., until 2024.
This feature would encourage more creators to monetize their passions on Meta’s platforms, leading to long-term growth for the company. Additionally, it may also lure them back from a particular app that has become synonymous with video content.
Taking on TikTok
After Zuckerberg’s announcement, it’s clear that Meta is gearing up to take on TikTok. Instagram’s new marketplace is almost akin to the TikTok Creator Marketplace — the influencer marketing hub for the hit video platform.
TikTok currently offers brands the ability to discover influencers for marketing campaigns. In this sense, it is (or rather was) a step ahead of the competition. This looks to be the basis behind Meta also developing its Creator Marketplace.
As TikTok is the reigning king of video apps, Meta has realized it will take some effort to court creators to its platforms. And with Meta’s new announcements and features, TikTok could also soon introduce new incentives for creators. As a result, this seems to be a win-win situation for all content creators and influencers. This intense rivalry promises to bring several benefits to them in the coming years.
A Golden Age for Creators
Digital Nod CMO Mohit Mirchandani calls this “a golden age for content creators.” He noted, “Web 3.0 is developed by visionaries, for visionaries. As the tech giants start preparing for this new era, opportunities are limitless for creators and artists. There has never been a better time to share what you love with a global audience and earn from it. More specifically, if you’re a digital art creator or blockchain influencer, now is the time to roll up your sleeves. The stage is set; get ready to make your mark!”
We couldn’t agree more.
