Facebook and Instagram won’t take a cut from creators’ revenues until 2024

Illustration by Alex Castro / The Verge

The platforms won't have to give a cut of their revenue to the creators until at least 2024. Revenue sharing will be held off until at least 2023.

The news of the revenue-sharing extension was included in a post by Meta CEO Mark Zuckerberg. The companies are adding more and more ways for creators to make money in an attempt to lure them away from platforms like TikTok. The creators on Facebook with subscribers on other platforms will be able to give their fans access to subscriber-only groups.

More creators will be eligible for cash bonuses for making popular Reels, a short-form TikTok copy. More people will be able to join the Reels bonus program on Facebook, and creators will be able to monetize their videos on Facebook. All eligible creators will be able to use Stars on Facebook. The creators get a penny for each star they receive, but fans typically purchase them for more.

There are other features that are being tested. A creator marketplace is where brands and content creators can find each other, according to Facebook's CEO. TikTok has the same thing. A select group of US users will be the first to benefit from the platform's NFT roll out.