🤳 Instagram and Twitter launch major new features to capture the creator economy.
Twitter launched Ticketed Spaces and Super Follows and Instagram is working on Fan Club and Collectibles. These new features emphasize the need to allow creators to quickly monetize.
It is no secret that the creator economy is booming, and an array of companies were built with that in mind - Substack, OnlyFans, Patreon, Open Sea, or Karat, to name a few.
Meanwhile, social media giants Instagram and Twitter belong to an era where sharing with everyone was the norm, and monetizing would be a consequence of that exposure. Fast forward to today, and NFT’s can be sold for millions, Clubhouse took the social audio by storm, and counting likes seems something from the Internet middle age.
Twitter’s Ticketed Spaces and Super Follows
This week, Twitter, which has been launching new features at an incredible pace, announced users can now apply to try Ticketed Spaces and Super Follows.
Ticketed Spaces allows you to charge for an audio event you create within Twitter Spaces.
Super Follows allows you to create exclusive content just for a portion of your audience that subscribes to you via the Super Follow button.
A revenue share model accompanied the announcement to attract creators:
You can earn up to 97% of the revenue from Spaces ticket purchases, and Super Follows subscriptions.* Twitter won’t take more than a 3% share until you exceed $50,000 in lifetime earnings on both products. After this point, Twitter’s share increases to up to 20% of future earnings.
Instagram’s Fan Club and Collectibles
After the privacy breaches of Facebook and Whatsapp, Instagram seems to have escaped most of the controversy and is now adding more features to the previously announced Affiliate program.
The year the world saw Beeple sell an NFT for $69 million and Jack Dorsey NFT his first tweet, selling it for $2.9 million, there may be more value in digital art than previously thought. And Instagram wants a piece of the pie.
Instagram Fan Club is a new feature that allows users to set a fan club and share exclusive stories with them. The app will also disable screenshots for Fan Club so that the content can’t be copied elsewhere.
Another feature is Collectibles, which wants to appeal to the NFT loving audience and label a post as a collectible to sell it to the highest bidder. So far, Instagram has not revealed how it will guarantee the content will be traceable.
With Snapchat and TikTok rapidly replacing the Facebook-owned app as a Gen-Z favorite, Instagram is now trying to capture the younger audience it once had.
It is a new dawn in Social Media, and the incumbents are feeling the heat from the newcomers, raising the question: who will be the next MySpace?