Today, Facebook has made a major move on their video platform that would lure in creators from a platform like YouTube.
Facebook says they are now building monetization products on their platform that would allow creators to make money on the network.
“We want to provide different ways for creators to make money on Facebook, so they can choose what makes sense for their content and community,” they said in the release.
There are three ways Facebook is planning for creators to make money:
- Brand Collabs Manager will help creators be discovered by brands for branded content collaborations. It will help brands search and find creators to potentially establish deals and partnerships with.
- Ad Breaks where the content features ads in between. This is being rolled out in stages starting in the US and the are focusing on creators that are creating longer original content.
- Fan Subscriptions where Facebook is testing a way for fans to pledge their support for their beloved creators by pledging $4.99 a month in exchange for perks like exclusive content and a special badge indicating their status as a supporter.
Apparently according to Reuters Facebook is not keeping a cut of the partnerships or subscriptions during testing and is uncertain over the eventual fees.
This is a major move by Facebook and YouTube is the obvious competitor in this case. This could be the push to those creators who may have been complaining about YouTube’s demonetization practices and reduced revenue and Facebook could be the haven they need. Other established creators could also increase their earning potential by porting over their content to Facebook or having original content only for the Facebook audience.