5 new ways to make money on Facebook and Instagram
Content is king on social media, and all platforms are in something of a gold rush to make sure the supply of new content doesn’t dry up. Every day, it seems, one platform or the other announces a new program or an incentive for content creators to sign up.
Not to be outdone, Meta announced several new ways creators can monetize their content on Instagram and Facebook. Here are the details.
All social media platforms have some way of making money, and perhaps YouTube offers the most accessible ways to make money.
These monetization options are constantly updated. Thus, Mark Zuckerberg has released several new monetization tools that Meta is rolling out for creators on Instagram and Facebook.
Additionally, Meta’s blog confirms that the company will not charge subscribers fees on subscriptions, badges, paid online events, and the newsletter for an additional year until January 1, 2024.
Clearly, Meta goes all out to attract and retain its best creators.
Meta has released five new ways for creators to make money on Instagram and Facebook.
1. Interoperable subscriptions
Facebook will now allow creators to automatically add their fans on other platforms to subscriber-only Facebook groups. This allows them to receive payments from their fans on the other platforms and save time by not having to manually authorize individual members to access their Facebook groups.
Facebook will launch the service with a limited group of partners before expanding.
2. Facebook Stars
Facebook Stars is now open to all creators. However, they must have at least 1,000 subscribers from the previous 60 days, be in a country where stars are available, and adhere to partner monetization policies and Meta content monetization policies. This applies to Facebook Live, Video on Demand and will soon be available on Facebook Reels.
3. Reel Monetization
The Reels payout program was previously only available to invite-only creators. Now, Facebook allows US-based creators to apply to join. However, they must have created more than five reels and have a total of 100,000 views in the previous 30 days, and they must meet Partner Monetization Policies and Meta’s Content Monetization Policies to be eligible.
Facebook also now allows creators to post cross-reels to Instagram and Facebook and earn money on both platforms.
Additionally, creators will soon be able to use the “Paid Partnerships With” label for their branded content on Facebook Reels. This will allow sponsors to convert them into branded content ads.
4. Creator Market
Meta is following in the footsteps of TikTok and Snapchat by launching a Creator’s Marketplace on Instagram aimed at matching creators with appropriate brands.
Creators will be able to indicate the brands and topics they want to create branded content for. Brands will be able to find and collaborate with creators through the Meta Business Suite.
“Once they find a creator they want to partner with, they can submit a draft outlining the details of the opportunity, including deliverables and proposed payment,” according to Meta.
5. Digital Collectibles
Instagram began allowing sharing of NFTs on its platform in May 2022. Now Meta will make this feature available to more creators in select countries, and soon on Facebook as well (starting with a small group of American designers). Users will be able to post to Instagram and Facebook.
Instagram Stories will also start hosting NFTs, in partnership with SparkAR.
Creators have the upper hand
It used to be that the content we consumed was determined by a few people at the top of a production company sitting around a conference table. Social media these days has shifted the power to independent creators who run and deliver content directly to us, without any oversight.
Major social media platforms have taken notice and are scrambling to find ways to lock top creators onto their platforms in order to lock us in the eye as well. Obviously, it’s a good time to be a creator.