So much has been written on the premise of the emerging ‘creator economy’ by MIDiA;
a dual-sided concept that highlights both the increasing opportunity
for creators who already exist, from music to video to social content,
as well as the emerging trend of the consumer-as-creator. With the
ever increasing number of direct-to-consumer creator tools built into mainstream
social platforms, it has never been easier for the casual platform user
to dip their toes into the world of casual creation. This has in turn resulted
in a surge of user-generated content across social platforms and equally
given rise to the need for remodelled revenue streams and monetisation
tools to support the endeavours of creators across the value chain, from
casual through to superstar.
a dual-sided concept that highlights both the increasing opportunity
for creators who already exist, from music to video to social content,
as well as the emerging trend of the consumer-as-creator. With the
ever increasing number of direct-to-consumer creator tools built into mainstream
social platforms, it has never been easier for the casual platform user
to dip their toes into the world of casual creation. This has in turn resulted
in a surge of user-generated content across social platforms and equally
given rise to the need for remodelled revenue streams and monetisation
tools to support the endeavours of creators across the value chain, from
casual through to superstar.
Confirmation of this trend has
existed in the continuing boom of tools and content, as well as ongoing
discussion on revenue streams and subscription models – but Meta has
just confirmed the importance of understanding this trend with an
announcement about new tools for creators on its suite of platforms.
existed in the continuing boom of tools and content, as well as ongoing
discussion on revenue streams and subscription models – but Meta has
just confirmed the importance of understanding this trend with an
announcement about new tools for creators on its suite of platforms.
In a recent post, Zuckerberg posted to Facebook
that “We’re heading towards a future where more people can do creative
work they enjoy, and I want platforms like ours to play a role in making
that happen”.
that “We’re heading towards a future where more people can do creative
work they enjoy, and I want platforms like ours to play a role in making
that happen”.
The rollout of policies and updates include holding
off on revenue sharing on Facebook until 2024 (meaning no cuts or
deductions taken by the platform), including paid online events,
subscriptions, Badges, and Bulletin. Interoperable subscriptions will
give paying subscribers access to subscriber-only Facebook groups,
effectively turning the platform into a mixed ad-supported and
subscription proposition. Facebook Stars and the Reels Play Bonus
program are now being opened to more creators.
off on revenue sharing on Facebook until 2024 (meaning no cuts or
deductions taken by the platform), including paid online events,
subscriptions, Badges, and Bulletin. Interoperable subscriptions will
give paying subscribers access to subscriber-only Facebook groups,
effectively turning the platform into a mixed ad-supported and
subscription proposition. Facebook Stars and the Reels Play Bonus
program are now being opened to more creators.
And on Instagram, creator marketplace is testing a space where creators can be discovered and paid,
and brands can share new partnership opportunities. Furthermore,
Instagram is now testing digital collectibles; creators can display
their NFTs on Instagram, with tests in the works for displaying on
Stories as well, and plans are in place to display or cross-post to
Facebook as well.
and brands can share new partnership opportunities. Furthermore,
Instagram is now testing digital collectibles; creators can display
their NFTs on Instagram, with tests in the works for displaying on
Stories as well, and plans are in place to display or cross-post to
Facebook as well.
This last development in particular fits with suspicions that Meta wants Instagram to become a sort of NFT marketplace,
effectively cornering the emerging new market opportunity created by
the growing importance of self-expression and displays of fandom among
younger digital natives.
effectively cornering the emerging new market opportunity created by
the growing importance of self-expression and displays of fandom among
younger digital natives.
Observing this vividly, however, this move is set
to open Facebook and Instagram as desirable real estate for creators,
and creative consumers more broadly, to base their digital operations.
With mainstream reach, a short-term ban on revenue sharing, and a gamut
of monetizable fan-first opportunities, Meta seems to be trying out the
monetisation of fandom, rather than consumption – something which has
been lacking in the current Western entertainment economy.
to open Facebook and Instagram as desirable real estate for creators,
and creative consumers more broadly, to base their digital operations.
With mainstream reach, a short-term ban on revenue sharing, and a gamut
of monetizable fan-first opportunities, Meta seems to be trying out the
monetisation of fandom, rather than consumption – something which has
been lacking in the current Western entertainment economy.
If Meta
can position its two main social platforms as creator-first, keeping
them on-platform rather than turning to other platforms, like TikTok,
YouTube Shorts, Patreon and the like, it will be ideally positioned as
the creator economy comes into its own. Competition is already on, with Twitch expanding its own ad programsto
pay more to creators. In a more meta (so to speak) sense, this also
solidifies the emerging side-effect of consumers becoming creators:
social platforms are no longer just ‘social’ places for likes, comments,
and posts about what someone had for lunch. They are content platforms in their own right,
with genres, series, fandom, and revenue streams just like any other
– except their pools of creative talent are far broader, and their
built-in fan monetisation is an early step in what many consider to be
the future of creator monetisation.
can position its two main social platforms as creator-first, keeping
them on-platform rather than turning to other platforms, like TikTok,
YouTube Shorts, Patreon and the like, it will be ideally positioned as
the creator economy comes into its own. Competition is already on, with Twitch expanding its own ad programsto
pay more to creators. In a more meta (so to speak) sense, this also
solidifies the emerging side-effect of consumers becoming creators:
social platforms are no longer just ‘social’ places for likes, comments,
and posts about what someone had for lunch. They are content platforms in their own right,
with genres, series, fandom, and revenue streams just like any other
– except their pools of creative talent are far broader, and their
built-in fan monetisation is an early step in what many consider to be
the future of creator monetisation.
Social platforms may have felt stagnant a few years ago, but TikTok has spurred the marketplace into
action. What was once the purview of casual networks is now coming for
bigger, incumbent forms of entertainment. The battle for creators is on.
And it will be a big one, as in the current digital media consumption
era – it is the battle for consumers themselves.
action. What was once the purview of casual networks is now coming for
bigger, incumbent forms of entertainment. The battle for creators is on.
And it will be a big one, as in the current digital media consumption
era – it is the battle for consumers themselves.