Facebook is now letting businesses, creators, educators, and media publishers earn money with paid online events.
As social distancing becomes the norm, more and more businesses and creators are making their events and services available online in an effort to keep contact with their existing customers and reach new ones. As a result, tech companies are building many new features to help them do so.
At the height of the COVID-19 pandemic, back in April, we reported that Facebook was planning to let Pages charge for access to online live events. Now, Facebook has announced that Page owners can create online events, set prices, promote the events, collect a payment, and host their online events – all in one place.
By combining marketing, payment and live video, paid online events meet the end-to-end needs of businesses, explains Fidji Simo Vice President and Head of Facebook App. “Pages can host events on Facebook Live to reach broad audiences, and we’re testing paid events with Messenger Rooms for more personal and interactive gatherings.”
The new feature is now available on Pages in 20 countries globally, that meet Facebook’s partner monetization policies. Those Pages can start to charge for their online events, “making it easier for millions of people and small businesses to make money on Facebook,” explains Simo.
In addition to the above, Facebook also announced that it will not be collecting any fees from paid online events for the next year. With only around 19% surveyed businesses receiving any financial help many of them are struggling and Facebook wants to support them.
Therefore, small businesses will get to keep 100% of revenue generated from paid online events with transactions on the web and Android – in countries where Facebook Pay has been rolled out.
Facebook asked Apple to reduce its 30% App Store tax, or allow Facebook Pay in order to “absorb all costs,” but Apple dismissed requests. As a result, SMBs will only be paid 70% revenue.
To find out more about how small businesses and creators are currently using paid online events to earn money, you can join Fidji Simo for a Facebook Live with entrepreneur, fitness business coach, and mentor, Rachel Holmes on Tuesday, August 18 at 9:00 AM PT.