Meta Platforms Incorporated's social media platform Facebook has made it clear that it will let content creators earn money from video clips featuring licensed music. The announcement is one of an announcement series that indicate a change in its strategy, design and positioning, which will allow the company to compete with Chinese firm Bytedance The video-sharing app owned by Bytedance Limited, TikTok.
According to sources, the feature for sharing revenue from music allows the creators of Facebook to get 20 percent of the cost of ads in-stream for videos with a duration of more than 60 seconds, and include songs from the catalog of licensed music on Facebook. Meta and the rights holders of the song will each receive a part of the remaining percent. The feature for sharing revenue from music is available to music creators who have been previously granted approval by the platform's tools for monetization. According to this blog, for the moment the short-video feature of Facebook Reels will not be qualified to be monetized.
"With video accounting for 50% of time spent on Facebook music revenue sharing allows creators to access more popular music and strengthen relationships with their followers- and also their industry counterparts," the company said in its blog article. With TikTok. being the second most-used application in 2021, and surpassing the Meta's Instagram with regard to its popularity with younger users, has left Meta struggling to catch up with announcements of a new look for the platforms.
The announcement also included shifting resources to Facebook's Facebook News tab and newsletter platform Bulletin in order to create "a more strong creator economy." In the last week, Meta said it would provide a new tab on Facebook which organizes the content chronologically, known as Feeds. It will reinstate a typical "family-and-friends" feed to users. Instagram introduced a similar feature in March.
Main feeds on Facebook will remain guided by an algorithm. And the company has said that it will more depend on what is suggested to users by artificial intelligence, and not rely on the accounts they may follow. The main feed on Facebook is more similar to that of TikTok's For You feed, where users aren't able to see content based on whom they follow, but rather from the algorithm of TikTok that determines what they're interested in.