【Breaking News】Facebook issuing tokens for content creators, will the landscape of paid content change again?

Libra is a big deal, with a long road ahead. Facebook announced today (29th) that it is expanding its "fan subscription" program to include several countries, including Taiwan, where users can start using "Stars" to reward content creators!

Enhanced Version of Fan Subscription: Stars Coin Expands Usage

In 2018, the "Fan Subscription" program was initially available only in the United States and the United Kingdom, where fans could pay $4.99 per month to access exclusive content and receive special badges on their pages. According to a report by Lao Mao's 3C Testing, this feature was previously used in the market of game livestream hosts, who could receive tips in "Stars" coins.

In today's announcement from Facebook, the platform revealed that they will be expanding the availability of "Fan Subscription" to content creators in Australia, Brazil, Canada, Mexico, Thailand, the United Kingdom, and the United States. Facebook will take a 30% cut of the subscription fee. "Stars" coins will have broader utility, allowing fans to purchase and tip creators (content, videos). This feature will also be available in Asian countries including Taiwan and Thailand.

Facebook officials stated that this move aims to enable creators to directly profit from the content they share and the communities they build.

Moreover, the sharing of content also includes videos, so integration with Instagram is also in the plans. Furthermore, it offers traffic management tools through Creator Studio, allowing creators to monitor their traffic changes.

Requirements for Joining Fan Subscription

To become a creator on the Fan Subscription platform, there are certain thresholds. One must have over 10,000 followers, or have at least 50,000 post interactions, or have accumulated over 180,000 minutes of viewing time in the past two months to qualify for registration.

Creators who qualified for the program starting in January of this year will be subject to the new revenue sharing model.

Changes in the Landscape of Paid Content - Another Transformation?

Social media platforms like Facebook have long been criticized for leveraging user-generated content for commercial gain without compensating the content providers. Many blockchain projects also focus on giving a voice to content creators and establishing token economies.

With the latest announcement from Facebook, the platform has, to some extent, provided a business model for users who share content with significant traffic value. Although it remains centralized and imposes a high commission, Facebook's vast user base may create another barrier for related blockchain projects.

However, the emergence of blockchain applications is meant to address real-world issues, and Facebook's changes could be seen as an initial victory for blockchain.

Reference: TechCrunch