It seems Facebook is on the move to snatch up YouTube's pack of star video makers. The social network announced in July at its "Facebook Creator Day" event that it has a set of new options available for creators to monetize their original video content.
The recent updates now include more advertising, paid groups, and direct subscription arrangements for users--in addition to more customization options for video consumers.
Facebook has been working to entice YouTube's community of video influencers and loyal media companies with its Creator Platform, and this latest push is an effort to make it the digital destination of choice for both posting videos and viewing them.
The new monetization tools are similar to creator features offered by YouTube and up-and-coming Patreon. For example, one of these features is an advertising option that will only display ad formats that won't disrupt a video while it plays, along with the choice to select whether ads will be pre-roll or image-based if it is a shorter video. Another update includes an increase in how much creators can earn from fans in their direct payment program called "Fan Subscriptions," which is an arrangement where viewers pay monthly for exclusive content.
Not all of the tools announced are exactly new, per se. Facebook also revealed that it is making tweaks to several existing features so video creators can better leverage the platform to make a profit.
The Brand Collabs Manager is a backend tool that contains several functions that received a nice refresh. Audience engagement tools, ad-targeting options, and features that connect advertisers with creators for branded content partnerships all have been updated for deeper capabilities.
Facebook entered the monetized video game with the launch of Facebook Watch in 2017, which hosts original shows and videos from creators. The platform expanded globally just last year in an attempt to expand its presence as a hub for video content.
With Facebook sharing in June that it had 720 million users who use Facebook Watch monthly, it no doubt still has some traction to gain before it catches up to YouTube's 1.9 billion logged-in monthly users.
IGTV (owned by Facebook) has also independently been making plays at long-form content and video creators.
The competition is beginning to get heated for Facebook and other social brands battling take the crown from YouTube as the choice platform for video creators. By rolling out new monetization tools, Facebook is clearly trying to position itself as a platform for video creators.
Do you plan to take advantage of Facebook's new updates for monetizing your video content?