Meta announces new revenue features for Facebook groups

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Facebook CEO Mark Zuckerberg

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As Mark Zuckerberg pursues a future in the Metaverse, he must rely on his existing business – Facebook – to provide him with the capital to make it happen.

A week after announcing its new business name, Meta, and unveiling a decade-long strategy, the company announced Thursday that it is adding a number of features to Facebook designed to make the platform more appealing to people. users and fend off competition from other social media services like TikTok. , Snapchat and YouTube.

In particular, Facebook tries to inspire creators to develop high quality content by providing them with new ways to make money. Facebook group admins and moderators will now be able to create community fundraisers, activate ecommerce stores within their groups, or charge users for subscriptions to access special subgroups.

“We really want to be the best place for creators to have a sustainable business and offering because we know the content they create for people on Facebook is really valuable,” Tom Alison, head of the Facebook application. “The work we do with group admins is an extension and recognition of this.”

Facebook Meta Chief Tom Alison announced new features on Thursday for group admins and moderators to generate revenue.

Courtesy of Meta

Facebook groups have become a key part of the company’s strategy over the past few years, providing a place for users to connect with others who share their interests in areas such as cars, food, sports. and art.

Alison said that there are tens of millions of active groups on Facebook and more than 1.8 billion people use Groups every month. That’s almost 62% of Facebook’s 2.91 billion monthly active users.

The rollout marks one of Meta’s first announcements since the name change last week, when Zuckerberg gave a lengthy demo showcasing his work on augmented reality and virtual reality products and services.

Meta hopes to build a metaverse, or a virtual world where users can work, live, and play. Facebook’s strategy for the metaverse was outlined in 2018 in a document reported last week by CNBC.

The Metaverse, however, is years away and will require a considerable investment. To fund Zuckerberg’s ambitions, Facebook will need to continue to develop its core social media services.

The new Groups features are less intended for Facebook to increase its own income, and more targeted to encourage users to stay and grow their audience. In most cases, Facebook will not reduce the group’s revenue features, the company said.

People take photos of the new “Meta” sign at One Hacker Way in Menlo Park, as Facebook changes its company name to Meta in California on October 28, 2021.

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Fundraisers will be subject to a nominal fee for processing payments as well as all applicable taxes. Fees for transactions through the stores will be removed until June 2022, and the company has said it will not share any funds earned through paid subgroups at this time.

“Each of these features will allow admins to invest more in their groups,” said Alison.

Alison added that the Facebook app itself will not be changing its name and will play a key role as the company focuses on the metaverse.

“Facebook will always be Facebook like Instagram will be Instagram, WhatsApp will be WhatsApp, Messenger will be Messenger,” said Alison. “We’re all part of Meta, and we’re working together to build the future of these metaverse experiences.”

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