I will stop using ‘free services’ by 2023 – Facebook CEO, Mark Zuckerberg reveals

The founder of the most popular social media site, Facebook, Mark Zuckerberg, has revealed that some of the free services, including fan subscription, badges and online events, will be monetized by 2023.

Mark Zuckerberg made the announcement on Monday, stating that the idea is to help content creators eke a living on the platform.

Facebook’s Chief Executive Officer also assured that the revenue share will favour content creators compared to what Apple and other social media companies offer.

“To help more creators make a living on our platforms, we’re going to keep paid online events, fan subscriptions, badges, and our upcoming independent news products free for creators until 2023. And when we do introduce a revenue share, it will be less than the 30% that Apple and others take.

“We’re also launching a new payout interface so creators can see how different companies’ fees and taxes are impacting their earnings. More to come soon.”

‘More money’

The implication of the recent move is to increase its users and at the same time make more money from the app.

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The company, which owns other popular social media platforms, WhatsApp and Instagram, has been mulling revenue generation beyond advertising, which accounts for over 90 per cent of its revenue.

While hoping that the new strategy works for Facebook, experts are worried about the effects of Apple’s privacy policies.

Apple, manufacturers of iPhone and Macbook, recently introduced changes to its operating system that will make it harder for Facebook to earn money off ads.

However, if successful, Facebook model may be useful for charting a better revenue models for other social media sites like Tiktok and Snapchat.

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Emmanuel Amuda

Emmanuel Amuda, a blogger by profession for the past 7 years. He studied Mathematics at the University of Nigeria, Nsukka Contact: +2348053316946 Twitter: @Lackren

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