Social media revolves around being social. Among others, video creators, media houses, gamers, cultural hubs and businesses across industries have created highly interactive communities on Facebook. The platform is now moving forward to provide these communities and creators with the tools they will need to monetise their efforts, grow their community and bring more people on to the social media site.
Between 2019-2020, content creators who made about $10,000 every month grew by 88%, according to a few Facebook reports. Creators making $1,000 a month grew 94%. Every social media marketing agency in Adelaide has worked with these creators in some capacity or other.
In an attempt to support this flourishing creator community, Facebook has recently revealed multiple new updates that can help creators to diversify their earnings, whether this creation is a side business or their primary business.
- Short video revenues – Content creators will now be able to monetise all types of videos and test new ad stickers in their stories.
- Monetising is open to more creators – A larger number of video creators will have access to the monetisation program as Facebook expands eligibility for in-stream advertisements. The platform is also starting in-stream ads within Facebook Live broadcasts, and growing its audience for paid online events as well as fan subscriptions to newer and more markets.
- Rising support – Creators can also get more fan support access easily and grow consumer adoption through Stars giveaways that are free for them.
The Rise of Short Video Formats:
For a very long time, videos have been long-form content formats. As shorter video content garners traction, Facebook has said that creators can now monetise videos that are about a minute in length, with space for an ad that is not really interruptive, which will be run at the 30-second mark. For a comparison, creators and marketing brands in the past could monetise their videos through in-stream ads only if the video were three minutes in length atleast. The ad would play only after the 1-minute mark.
Yoav Arnstein, the Director of App Monetisation for Facebook detailed the growth path of in-stream ads that would run on videos of every size. In his announcement, he pointed out that ad payouts had increased by over 55% between 2019 and 2020 alone.
In his statement, Yoav Arnstein said, “We’ll begin testing the ability for content creators to monetize their Facebook Stories with ads that look like stickers and receive a portion of the resulting revenue.”
The long-term goal for Facebook is to boost the evolution and growth of in-stream ads and formats to create a diverse and engaging experience for targeted demographics and audiences via product experiences and gratification. Facebook has also revealed a new set of eligibility criteria for content creators who wish to qualify for content or video monetisation. This includes a total of 600,000 minutes of content viewed within the past 60 days, in any mix of video formats. It also requires more than 5 active uploaded videos or past Live videos. These videos need to be published, should not be deleted, and should comply with Facebook’s Content Monetisation policies.
Gratification Through Star Lives:
Facebook Live is an important focus area for the platform. To enhance reach and revenue, Facebook is rolling out new Live monetisation plans for creators, compared to their invite-only system that existed before.
To give you a better understanding, content creators who want to add in-stream advertisements to their broadcasts as they go Live need to show 60,000 minute views on Live broadcasts within the past 60 days. Apart from in-stream ads on Live broadcasts, Facebook is also spreading awareness about its gift-giving and gratification Stars program. According to the platform’s latest announcement, about a billion Stars, valued at $10 million, were sent out by gaming and video creators in the past six months alone.
The Growth of Fan Subscriptions & Online Events:
Through the global pandemic, the world has seen how powerful digital platforms are in helping people connect and come together. Borders no longer held significance as people were able to access different content and creators across domains and genres. This included sports events, podcast recordings, recipe and cooking videos, virtual walkthroughs and makeover and make-up artists, among others. Content creators and brands have exponentially increased their efforts to connect with people beyond their target audiences and monetise their reach and content as a result. To keep this momentum going, Facebook has expanded its paid online events across 24 new countries where it wasn’t available before, including Hong Kong and Indonesia.
Along with paid online events, Facebook also plans on growing the reach of its fan subscription feature. Today, content creators on the social media platform have more than a million fan subscriptions that are active, while paid online events can be carried out across 20 countries. Fan subscriptions are currently available across over 25 markets. In a little while more, this feature will be introduced in 10 new markets, like Austria, Turkey, Denmark, Belgium and New Zealand.
As a social media marketing agency in Adelaide, it is important to stay updated on new opportunities in video and influencer marketing.