Instagram and Facebook won’t take commission from creators until 2024

After ViacomCBS canceled VidCon two years in a row due to concerns over the ongoing COVID pandemic, the event returned to the Anaheim Convention Center in California this week. For the first time ever, organizers are offering fans digital access to the event. Ahead, a roundup of the latest happenings and announcements from major social media participants, including YouTube, Meta and this year’s main sponsor, TikTok.

TikTok announces VidCon lineup

This year, VidCon title sponsor TikTok is offering a slate of creator-focused panels and sessions, including the industry keynote, which was moderated by TikTok creator James Henry, Thursday, June 23.

Why is this important: YouTube had been VidCon’s main sponsor since 2013, but TikTok has managed to wrest that role from the platform as it continues to grow. In a first, TikTok will surpass YouTube in terms of time spent by their respective adult users in the United States, according to eMarketer.

The details: TikTok’s VidCon lineup includes panels from some of its top creators who will talk about creating authentic content, the platform’s impact on music and entertainment, tips for building a brand with lessons from small businesses, an overview of the brands that are winning on the app and tips for parents whose teens have found success on TikTok.

TikTok COO Vanessa Pappas will also be on hand to welcome guest creators who will share their TikTok origin stories, including Joanne Molinaro (@thekoreanvegan), Leo González (@leogonzall), Zachariah Porter (@zzzachariah) , Soy (@foodwithsoy), Keara ‘Queen Keke’ Wilson (@keke.janajah) and Tony Weaver, Jr. (@tonyweaverjr). Kirby (@singkirbysing) will make a special virtual appearance and to close the event, artist Tai Verdes (@taiverdes) will take the stage for a special performance.

Instagram and Facebook won’t take commission from creators until 2024

Instagram and Facebook will delay taking a chunk of creator revenue until 2024, a year after the originally planned launch, Meta chief executive Mark Zuckerberg announced ahead of VidCon.

why is it important: This delay will attract more creators to Instagram and Facebook as Meta faces continued competition from rivals like YouTube and TikTok. For 1,000 ad views, advertisers pay a certain rate to YouTube and the platform takes 45% of revenue from creators while TikTok keeps 50% of revenue from eligible creators. At one point, Zuckerberg said Facebook would take less than 30% from creators.

The details: A day before heading to VidCon where he was to promote his Reels and VR offerings to attendees, Zuckerberg said in a Facebook post that Meta’s social platforms would delay taking a commission on VR offerings. creators such as paid events, badges, fan subscriptions and Meta Bulletin’s newsletter platform until 2024 with the intention of attracting more creators.

In another effort to expand their base of creators, Instagram and Facebook will expand their Reels bonus program to more creators and give them the ability to monetize short videos on both platforms. Instagram is also competing with one of TikTok’s newest features by testing a Creator Marketplace that lets brands and creators collaborate on sponsorships and other business opportunities.

YouTube Shorts launches creator-focused snack challenge for VidCon fans

Ahead of VidCon, YouTube Shorts enlisted 18 of its top creators to customize snacks in fun branded packaging for event attendees to win.

why is it important: YouTube, which lost its title sponsor of VidCon to TikTok this year, is capitalizing on the popularity of its creators to generate hype ahead of the event. Custom snacks are only available to VidCon guests or those participating in the Shorts Challenge onsite at VidCon.

The details: YouTube Shorts’ Snack Challenge gives VidCon guests and fans the chance to eat snacks from their favorite creators, including Ben of the Week’s Explosive Beanz, Miki Rai’s Good Morning Besties Bars, and MrBeast’s Chocolate Bar.

Among the treats are Ben of the Week’s Explosive Beanz, perfect for the creator who is best known for a viral video in which he pretends to burn down his house by microwaved a can of beans, in which he then sang a song. Wasabi-rubbed dried beans are said to be so hot they’ll “burn down your… house.”

With over 900,000 subscribers cheering her on, nurse and YouTuber Sofie Dossi begins each video with a delightful “Hello, my friends!” So naturally, she opted for the Good Morning Besties Bars, cheesecake-flavored breakfast bars made with oats, dried cherries and honey.

MrBeast is on a mission to change the way the world snacks, which is why in January 2022 he launched his own candy bar company called Feastables. And as part of its YouTube Shorts snack challenge, the platform is offering a limited-edition bar made with just four ingredients. In keeping with the YouTube star’s popularity, Feastables sold over a million candy bars within the first 72 hours of launch and reportedly sold over $10 million worth of candy bars in May 2022.

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