Meta CEO Mark Zuckerberg has announced that the company will "hold off on any revenue sharing on Facebook and Instagram until 2024," a year later than originally planned.
Under this move, Instagram and Facebook 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, The Hollywood Reporter reported.
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.
According to The Verge, Stars, a tipping method on Facebook, will also be available to all eligible creators. (Facebook does impose a tax when fans purchase Stars: creators get a penny for each Star they receive, but fans typically purchase them for more.)
The company is also 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."
"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.
Meta is also expanding its support for NFTs on Instagram, which it began testing on Instagram profiles last month.
( With inputs from ANI )
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