In a bid to adapt with the times, Facebook announced sweeping changes to its features, including a new incentive for artists to monetise live streaming.
According to Pitchfork, the Mark Zuckerburg-owned social media platform lifted the lid on a number of updates due to take place in the near future.
Most of these are in response to the impact coronavirus (COVID-19) has had on the global entertainment industry. Musicians and other artists have had to find innovative ways to keep their fans entertained during quarantine.
For the most part, their offerings have been charitable and more of a gesture of goodwill than for profit.
Facebook Is the first social media platform to try and capitalise from this new entertainment ecosystem. While the intricacies of this major update have yet to be laid bare, we have gained insight on Facebook’s next live-streaming revolution.
Facebook Live updates: This is everything we know
Based on the tidbits of information that have trickled through the cracks of the multibillion-dollar network, these are the sweeping changes expected to hit Facebook Live:
- artists will be able to charge for entry to concert live streams;
- events such as classes and conferences will also be able to collect payment;
- we will see the return of Live With, a feature that allows co-hosts to join a stream; and
- the integration of live streams into online-only event pages.
No dates have been issued by Facebook on when artists can expect these features to be rolled out. Insiders of the social media platform have been cautious about revealing too much.
A spokesperson of the platform told the cited publication that more will be revealed in due time when asked about how the payment system will work and what administrative rates and levies Facebook will charge for this added service.
We will keep a close eye on this and provide more updates when they become available.