Small and medium business in this pandemic has suffered a lot. Facebook wants to help small businesses (SMBs) and give them a chance to survive the COVID crisis — and make money.
This helps them to monetize online events on Facebook. A few months ago, the social media giant announced $100M in cash grants and ad credits for SMBs. Later they also introduced Facebook Shops to help SMBs sell online products and services online. Now the new service is termed as “paid online events”.
The goal of this feature is to give business owners the ability to create the virtual event, host the event itself, set the price to join, promote the event on the platform, and collect the payment in one place. You need to link a bank account to receive payment.
Business owners can keep 100% the revenue themselves and Facebook won’t take any percent from this. On the other hand, iOS event hosts should pay the 30% “App-Store tax”.
Facebook says it won’t collect any potential fees from businesses for at least the next year. The company will manage all the things and hosts need to focus on their event.
Several SMBs have been beta-testing the platform and they have a positive response. In fact, many testers mentioned it as a Game changer.
Facebook added that the new paid online events will be immediately available in the U.S. and 19 other countries, including Mexico, the UK, Canada, and major European countries and parts of Asia.