Facebook Launches Monetized Virtual Events Feature on its Platform
Facebook is launching a new feature that will enable business and page owners to monetize virtual events. The feature has already been launched in the United States and 19 other countries. Besides, the network company says that it would not collect any fees from the events held.
In a call with reporters, head of Facebook App, Fidji Simo said that the Facebook’s Events feature was designed for in-person events, but with the COVID-19 pandemic and resulting social distancing orders, the company “really quickly pivoted” to supporting online events. Fidji further adds that in June 2020, live broadcasts on Facebook Pages doubled compared to the same period in 2019.
What makes Facebook’s offer unique is that all of the promotion, payments, and hosting is done in Facebook. That means that if a local type of business wants to monetize an event via Facebook, they can target Facebook users with advertising that are local to them or the business can take advantage of word of mouth by announcing the event to all of the followers of their page.
According to Facebook. “Pages can host events on Facebook Live to reach broad audiences, and we are testing paid events with Messenger Rooms for more personal and interactive gatherings. In testing, we have seen businesses use Facebook to host expert talks, trivia events, podcast recordings, boxing matches, cooking classes, intimate meet-and-greets, fitness classes and more,” added Fidji.
In countries where Facebook Pay has been rolled out on the web and android devices, businesses should expect to keep 100% of their pay. However, this is not the case for iOS users as Apple will take 30% of the purchase made which is the App Store tax. Facebook wrote to Apple asking them to reduce the tax percentage or allow them to offer Facebook Pay so that they could absorb all costs for businesses struggling during this pandemic. Unfortunately, their requests were dismissed and small businesses will be paid only 70% of their revenues.
