Facebook To Support Monetising Licensed Music Videos
Meta Platforms Incorporated-owned social media platform, Facebook has announced that it will now allow content creators to make money from videos featuring licensed music.
The move comes as part of a series of announcements that signal a shift in strategy, design, and positioning, that would enable the company to combat Chinese company Bytedance Limited-owned video-sharing application rival, TikTok.
According to a company blog post, the music revenue sharing feature will allow creators on Facebook to receive a 20 percent cut on in-stream advertisements on videos that are longer than 60 seconds and use a song from the platform’s licensed music catalog. Meta and song's rights holders will each get a separate share from the remaining 80 percent.
The music revenue sharing feature will be made available to creators who have already been approved for the platform’s monetization tools. However, according to the blog post, currently Facebook’s short-video product Reels won’t be eligible for monetization.
“With video making up half of the time spent on Facebook, music revenue sharing helps creators access more popular music, deepening relationships with their fans—and the music industry," the company said in the blog post.
With TikTok. becoming the most downloaded app of 2021 and overtaking Meta’s Instagram in terms of popularity among young users, has left Meta playing catch up through announcements of a makeover to it's platforms.
This included an announcement of reallocating resources from its Facebook News tab and newsletter platform Bulletin inorder to enable “a more robust creator economy."
Last week, Meta said it would offer a tab on Facebook that organizes content in chronological order, called Feeds, which would restore a more traditional “family-and-friends" feed for users. Instagram launched a similar tool in March.
The main feed on Facebook will continue to be curated based on an algorithm—and the company has previously said that it would more actively rely on what is recommended for a user by artificial intelligence and less on what accounts they might follow. That makes Facebook’s main feed more like TikTok’s For You feed, where users don’t see content based on who they follow but instead from what TikTok’s algorithm determines they are interested in.
