Facebook considers the creators’ economy a step towards the metacosm

Bengaluru: Facebook sees the creation of a strong creative economy around the family of applications as an important step in fulfilling CEO Mark Zuckerberg’s ambitions for commerce and the metaworld.

The social networking company grew by 35% compared to last year in the number of monetization authors and video publishers in India and more than 160% growth in In-Stream revenue generated by them. The app, which has 434 million users in India, does not have an absolute number of authors who monetize in India.

The details were unveiled at the Creator Day India demonstration, where she launched an educational program in India called “Born on Instagram.”

Zuckerberg recently told his investors that he wanted Facebook to be called a “meta-universe company.” Metaverse is essentially an online world where people exist in shared virtual spaces through avatars. This digital economy, with hundreds of millions of people, can be monetized through advertising and commerce.

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“The company has publicly stated that we see that we are investing and playing a significant role in the new meta-universe that will be created over the next 5-10 years,” said ET Ajit Mohan, vice president and managing director of Facebook India. “And the most interesting thing is that we believe that even more than in the Internet economy, creators will play an even bigger role in the economy of the metaverse.”

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He said that creators now play the classic role of celebrities, introducing their followers to new brands and products. They also seek to monetize their creations directly through in-house advertising and paid activities, rather than simply being “influential” brand advertising.

During the Creator Day India event on Thursday, Adam Mosseri, the head of Instagram, spoke about the success of Reels in India, the importance of the Indian market and the ongoing work to help creators make a living on the platform. “India is one of our fastest growing countries and it is becoming one of the most important places we can focus on Instagram,” he said.

Facebook has demonstrated a range of monetization features, including In-stream advertising, paid online events, and a tipping feature called Facebook Stars.

“We are on the verge of an exciting movement where all these different trends come together – the connection of a new generation of artists both in India and around the world, a fundamental change in behavior that has accelerated over the past 15 months in terms of how consumers open up to brands and the whole economy that is built around these creators, ”said Mohan.

Born-on-Instagram is a self-developed e-learning certification program available to all users. This will give Instagram creators the opportunity to learn, earn and develop their communities. The program will also provide live workshops with experts, the latest information on trends, product updates and challenges to keep abreast of what’s happening on Instagram. Finally, it will give creators the opportunity to unlock cash opportunities through various rewards and partnerships with the brand.

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