Meta rolls out monetising features for Instagram, Facebook creators

META Platforms is rolling out new ways for creators to make money on Facebook and Instagram and launching updates that will help them build content in the metaverse.

Displaying non-fungible tokens, profiting from the short video platform Reels and earning direct revenue are all on the horizon for content creators, chief executive officer Mark Zuckerberg said on Tuesday (Jun 21).

Meta needs interesting original content on Facebook and Instagram as it shifts to a different kind of algorithm - one that focuses on showing people content they didn't know they wanted to see, in order to help them develop new interests. That's crucial as the company competes with fast-growing TikTok. Meta is also testing a place on Instagram where creators can get discovered and paid and where brands can share partnership opportunities.

The company is also planning to make money in the metaverse eventually by taking a cut of what creators make, Zuckerberg has said. But that won't happen until 2024, according to the blog post.

The announcement Tuesday extends by one year a previous commitment to keep fan subscriptions and online events, among other money-making features, free for creators. Through interoperable subscriptions, creators can receive payments from fans on other platforms and give them access to features on Facebook. Zuckerberg also introduced specific metrics creators must meet in order to access certain privileges. BLOOMBERG