Meta CEO Mark Zuckerberg announced today they’re launching new ways for creators to make money on Facebook and Instagram. The updates and tools “will help creators build for the metaverse” Zuckerberg says. 

There are six new updates that Zuckerberg shared in a Facebook thread. 

More money for creators

No revenue sharing on events, subscriptions, badges, and bulletins until 2024. In a previous Facebook thread, Zuckerberg said it would do this until 2023, but now that commitment has been extended. In the same thread, Zuckerberg calls out that the proposed 30% take would be less than Apple and other platforms.

Interoperable Subscriptions

Lets creators give their paying subscribers on other platforms access to subscriber-only Facebook Groups.

Facebook Stars

Opening up to all eligible creators so more can start earning money from Reels, live, or VOD videos.

Monetizing Reels

Opening the Reels Play Bonus program to more creators on Facebook, and letting creators post their Instagram Reels to Facebook.

Creator Marketplace

Meta is testing a set place on Instagram where creators can get discovered and paid for their content, and brands can share new partnership opportunities.

Digital Collectibles

In May Instagram head Adam Mosseri announced that the platform is going to start testing NFTs with select creators in the US. Today Zuckerberg said the test will be expanded the test so more creators around the world can display their NFTs. 

This feature will also be available on Facebook in the near future to select US-based creators. Testing will also begin in Instagram Stories with SparkAR soon. 

What Meta says. It’s not clear on when Meta will launch these new tools. But you can read Zuckerberg’s full Facebook thread here.

Why we care. Following the announcement of new Pinterest creator tools, Meta’s expansion of features for creators also seems to mimic TikTok’s Creator Marketplace. The development of these tools is likely a way for Meta to compete and lure more creators to its platforms.