According to Senior Executive Campbell Brown at Meta Inc., Facebook has decided to focus more on the creator economy. They are now having resources reallocated from its News and Bulletin section.
Brown said the teams would now “focus on building a more robust Creator Economy.”
Facebook News is a section dedicated to news stories that users can read through on a mobile app or on the website.
Facebook released the newsletter platform Bulletin in June 2021, meant to support independent writers.
Regarding this shift, she said, “For a lot of us—this was a labor of love and I know it’s hard to see these products put on the backburner. These are products that have delivered tremendous value for our partners and our users.”
This move is also seen as a response to the the threat in surge of users on TikTok worldwide. The creator economy is increasingly more focused towards short form content similar to TikTok. The average watching time on vertical video platforms like TikTok was much more than others.
The creator economy is growing at a rapid rate year after year, and is set to boom even further in 2022. Social Media platforms are looking to help creators monetise their audience and help them earn a consistent income.
Instagram, also owned by Meta, is also looking to incorporate new features to help creators. Instagram’s creator marketplace is now operating on an invite-only basis for certain select brands in the US.
This was done after testing out this concept on a small selection of brands last year. Instagram is also testing a subscription-based business model for creators. This will enable creators to post exclusive content that can be accessed only to subscribed followers.
Thus, Facebook and Meta have joined the list of companies who are now looking to enable the creator economy.
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What Is The Future Of The Booming Creator Economy?