Facebook to monitize events,fans subscription and other services by 2023

Facebook founder Mark Zuckerberg has announced that its creator revenue tools, including paid online events, fan subscriptions and badges, will remain free for creators to use up until 2023.

Facebook announced that these tools would be free on launch last year, with the understanding that this was a measure put in place to help those impacted by the pandemic, and that Facebook would, eventually, look to take a cut of these paid tools as part of its future revenue strategy.

He also assured that the revenue share will favour content creators compared to what Apple and other social media companies offer.

“To help more creators make a living on our platforms, we’re going to keep paid online events, fan subscriptions, badges, and our upcoming independent news products free for creators until 2023. And when we do introduce a revenue share, it will be less than the 30% that Apple and others take.

“We’re also launching a new payout interface so creators can see how different companies’ fees and taxes are impacting their earnings. More to come soon.”

The implication of the recent move is to increase its users and at the same time make more money from the app.

The company, which owns other popular social media platforms, WhatsApp and Instagram, has been mulling revenue generation beyond advertising, which accounts for over 90 per cent of its revenue.

While hoping that the new strategy works for Facebook, experts are worried about the effects of Apple’s privacy policies.

Apple, manufacturers of iPhone and Macbook, recently introduced changes to its operating system that will make it harder for Facebook to earn money off ads.

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Written by Andrew Odoe
Serial Entrepreneur, Humanitarian, Social Activist and Writer.
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