Tech competition laws need to be 'tweaked' to allow intervention: Canada's top antitrust advisor
Facebook Inc. said its social media platforms, including Instagram, won’t take a share of the revenue made through new tools for content creators for two years, a move that could lure talent and boost adoption of the services.
“To help more creators make a living on our platforms, we’re going to keep paid online events, fan subscriptions, badges, and our upcoming independent news products free for creators until 2023,” Chief Executive Officer Mark Zuckerberg said Monday in a post on Facebook, extending a prior promise not to take a cut until later this year.
When the company does start taking a commission, it will be less than 30 per cent, Zuckerberg said. Facebook and Instagram have been encouraging businesses that were shut out of in-person transactions during the pandemic to start selling directly to their audiences on social media instead, building a reliance on the platforms that could extend well beyond the end of the crisis. When introducing new products, Zuckerberg tends to wait until they have achieved mass adoption before trying to make money from them.