Posted by Artists hampered by their inability to tour are gaining a new way to make money during the COVID-19 pandemic. Facebook has announced it’s adding an option that will let creators charge viewers to watch livestreams on the platform.
“To support creators and small businesses, we plan to add the ability for Pages to charge for access to events with Live videos on Facebook – anything from online performances to classes to professional conferences,” Facebook said via its Newsroom.
With this new option, artists could stage virtual concerts with ticket prices. It may also present a way for the Verzuz battles, which have become extremely popular on Instagram Live, to become a money-making enterprise for the participants. With these battles having viewership numbers upwards of 500,000 people, and artists like Tory Lanez bringing in more than 300,000 people to his “Quarantine Radio” livestreams, there is a real potential to earn substantial revenue. Even if artists are able to convert a small percentage of those viewers to pay for their Faebook livestreams, it could result in a solid profit.
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The upcoming feature is one of the multiple changes the social media platform is making in light of the global pandemic. Facebook is bringing back Live With, which allows users to livestream with another person. The company is making it possible to add a donate button to live videos too, aiding users in raising money for nonprofit organizations.
Facebook hasn’t announced a timetable for when users will be able to start charging for livestreams. It also hasn’t revealed how much of a revenue share it will be receiving once the feature is introduced.