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In a world where many events are now held virtually, Facebook has launched its Paid Online Events tool in South Africa.
Launched on 11 March, the tool will allow Facebook users to monetise their events. The tool also works with Facebook’s live video platform.
“Many conference organisers, musicians, trainers, theatre producers, creators and businesses are losing revenue during the pandemic due to social distancing measures,” said Facebook’s Head of Strategic Media Partnerships for Sub-Saharan Africa, Jocelyne Muhutu-Remy.
“Paid online events will help them to reconnect with their fans, monetize and reach larger audiences all around the world.”
Making money with Facebook online events
Paid Online Events was introduced in August 2020. Event hosts can use the tool to earn revenue lost from cancelled in-person events. It also helps monetise virtual events.
The tool allows guests to pay and watch events on Facebook. The tool works on all devices and with the site’s live video method, regardless if hosts are using Facebook Live or a third-party site.
Event planning is streamlined, taking all factors such as marketing and payment plans into account.
There are additional benefits for hosts who stream using Facebook Live.
Hosts can send invitations for free access and users can re-watch the event after it has ended. If hosts use a third-party site, however, users will not be able to re-watch the event.
Hosts can set up a payout account connected to their bank or PayPal account, which then serves as the pay point for events.
Facebook will not collect any fees from paid events until at least August 2021. This is due to lockdowns still affecting many communities.
Last week, Facebook also announced content creators would make money from ads placed in their minute-long videos and live stream events.
The revenue stream is similar to Tiktok whose users earn revenue through the app’s Creator’s Fund.
Feature image: Unsplash/Austin Distel