Musicians can now charge for virtual gigs and events on Facebook

The latest update from Facebook spells good news for event organisers and musicians, especially those who thrust themselves into livestreaming during the global health crisis.

The social media platform has flicked the switch on a feature that allows businesses, creators, educators and media publishers to charge for access to events.

TMN first reported Zuckerberg’s plans to help creators monetise their live content in April.

The new money-making tool is now available in 20 countries, including Australia. And the best bit, Facebook will not take a cut of the revenue for “at least the next year”.

That means for purchases made through Facebook Pay, creators will pocket 100% of the ticket price after applicable taxes and fees. But only 70% for iOS and Android in-app sales.

Pages need to comply with Facebook’s partner monetisation policies to access the product.

“With social distancing mandates still in place, many businesses and creators are bringing their events and services online to connect with existing customers and reach new ones,” senior Facebook executive, Fidji Simo, wrote in a blog post on Friday (August 14).

“People are also relying on live video and interactive experiences more when they can’t come together physically. In June, we saw live broadcasts from Pages double compared to the same time last year, largely attributed to broadcasts since March.”

Simo took a swipe at Apple over its App Store fees in her blog post, calling out the tech company for not waiving its standard 30% cut to help creators during the coronavirus pandemic.

Simo said Apple “dismissed” its requests and will only share 70% of “hard-earned revenue”.

Facebook also opened the door last month to allow more creators to sell subscriptions and receive cash tips from their followers, paving the way for another revenue stream on the platform.