(RTTNews) – Facebook is helping small businesses in their recovery by creating a new revenue stream with social distancing mandates still in place amidst the coronavirus pandemic.
The social media giant has introduced a new feature that will enable businesses, creators, educators and media publishers to earn money by hosting live paid online events on their Facebook pages.
Facebook page owners can create an online event, set a price, promote the event, collect payment and host the event, all in one place. This feature is open to users in 20 countries around the world that meet partner monetization policies.
Facebook said it will not collect any fees from paid online events for at least the next. Small businesses will be able to keep 100 percent of the revenue they generate.
Though many businesses went live through video and interactive sessions on Facebook, they did not have the facility of monetizing the events through the social media site. The attendees to these events had to use other means to pay for the event.
By combining marketing, payment and live video, paid online events meet the end-to-end needs of businesses. Pages can also host events on Facebook Live to reach broad audiences.
Facebook added this feature perhaps after seeing the doubling of live broadcasts from Pages in June, compared to the same time last year. This could have been primarily due to broadcasts since March, when the lockdown and social distancing intensified.
While testing the new feature, Facebook found that businesses used their pages to host expert talks, trivia events, podcast recordings, boxing matches, cooking classes, intimate meet-and-greets, fitness classes and more.
Facebook may shortly add resources including a set of best practices and online lessons for businesses and creators to help them get started.
The social media website has also started testing paid events with Messenger Rooms for more personal and interactive gatherings.
In July, Facebook had launched its online store Facebook Shops, aiming to help struggling small businesses amid lockdowns following the worsening spread of coronavirus pandemic. The shop is accessible through all four Facebook-owned platforms such as Facebook, Messenger, Whatsapp and Instagram.
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