Facebook recently added new features that allow users to monetize events, which will soon be available to users in the United States and 19 other countries worldwide. Initially, the ability to monetize events was designed for physical gatherings, however, with an ongoing pandemic, the social media company transitioned to support online gatherings.
With the new feature, organizations can now host large scale gatherings on Facebook Lie, as well as smaller events in Messenger Rooms.
The new feature will empower users to hold more online events on the platform and capitalize on increase instances of online events. Fidji Simo, the Head of Facebook App, indicated that live streams have doubled when compared to last year.
Simo also spoke on the rationale behind the new feature, "People are also relying on live video and interactive experiences more when they can’t come together physically."
Social Media Paid Streams
Facebook Introduced a Feature to Monetize Events Held on the Platform
Trend Themes
1. Online Event Monetization - The popularity of online events has presented an opportunity for platforms to introduce features that allow event organizers to monetize their virtual gatherings.
2. Increased Live Streaming - As physical events are limited, there has been a significant rise in the adoption of live streaming and interactive experiences on social media platforms.
3. Hybrid Events - With the transition to virtual events due to the pandemic, there is potential for a hybrid approach combining in-person and online events to provide a more inclusive experience for attendees.
Industry Implications
1. Event Management - The event management industry can embrace the shift to monetizing online events, offering solutions to help event organizers maximize their revenue streams.
2. Social Media - Social media platforms can continue to improve their live streaming and online event monetization features to cater to the current demand for virtual events.
3. Video Conferencing - Video conferencing technologies can innovate their offerings to provide more interactive features for online events, providing a more engaging experience for attendees.