Facebook has just launched a new product that allows small businesses to monetise online events.
Called “paid online events”, the feature has been specifically created for smaller businesses, creators and educators to generate some cash from the online events they post.
Any page owner can create an online event, set a price and then promote it.
The social network said that as social distancing measures continued to place burdens on many businesses to connect with their customers online rather than offline, the new experiences are supposed to make online gatherings a little more lucrative.
This will be great news for creators and educators alike.
According to Facebook’s latest report, just 19% of small businesses were getting financial help.
The paid online events will be free for at 12 months which means they get to keep all of the revenue they generate.
The way it works is simple: marketers create their event, promote it to their followers on their feed or through ads and collect the pay through Facebook. Custom audiences can also be created.
Facebook pointed out that it had “asked Apple to reduce its 30% App Store tax or allow us to offer Facebook Pay so we could absorb all costs for businesses struggling during COVID-19. Unfortunately, they dismissed both our requests and SMBs will only be paid 70% of their hard-earned revenue. While Facebook is waiving fees for paid online events we will make other fees clear in the product.”
Integration with Shops is not yet available, but Facebook said it was already testing this addition with a small number of businesses on Instagram and Facebook for integration later this year.