Facebook is dedicated to helping small businesses (SMBs) survive and make money during the ongoing COVID-19 pandemic. But how?
Previously Facebook announced a $100 million in cash grants and ad credits to help SMBs. Later on, the company introduced Facebook Shops focused on assisting SMBs to sell their products/services online. Now, the company has announced a new product – paid online events.
What are paid online events? It’s a free product that will give “businesses, creators, educators and media publishers” the opportunity to earn money from online events on Facebook. Users can set up paid events such as online classes, webinars, expert talks, etc. and, the best part, they will keep 100% of the revenue generated themselves. There’s a small catch, though. For iOS users to partake, event hosts will have to give up 30% of the purchase price in what Facebook calls, an “App-Store Tax”. Company representatives requested Apple to waive the 30% app-store revenue cut. However, Apple reportedly declined.
The details. Marketers will be able to host, promote, sell tickets and collect payment all within Facebook. The one thing they have to do first is to check if they are eligible. If they are, then they just have to create the event, promote it to their organic followers (or through Facebook ads) and collect payment through Facebook. (You need to have a linked bank account to get the money)
The company also stated that “to support small businesses and creators, Facebook will not collect any fees from paid online events for at least the next year.” If you are a cynic, this new tool may seem like a way for the company to drive product adoption until it reaches a broad base of users before it starts charging them. But, its potential of helping SMBs generate revenue in these uncertain times is quite valuable – and based on the feedback, appreciated.