There is no doubt that the new avenue for businesses to cope up with the changes caused by the pandemic is going virtual. Almost all industries are already making their way to the digital world using different platforms.
One of these digital platforms is Facebook, which has been making it easier for entrepreneurs by adding new useful features. One of such features is the Facebook Event feature, which allows monetization of events held online.
Starting today, events hosted on Facebook will now have an option to be monetized in several countries, including the United States and 19 others.
The Head of Facebook App, Fidji Simo, stated in a call with reporters that the new feature was supposed to be for in-person events. However, due to the pandemic and protocols to consider, the company decided to make the latest function applicable to online meetings.
“Now, Page owners can create an online event, set a price, promote the event, collect payment and host the event, all in one place,” Simo wrote in a blog post.
The goal of the company is to help businesses and sectors affected by the pandemic to let them connect with their “existing costumers and reach new ones” through “bringing their events and services online.”
Based on the testing of the feature, most of the events held are trivia events, podcast recordings, expert talks, boxing matches, fitness classes, cooking classes, and more.
Facebook has emphasized that in using the new feature, it will be free of charge until next year. Therefore, in countries where Facebook Pay is available, Page owners who will hold an online event will be able to keep 100% of their revenue.
However, it will not be the case for iOS users. Apple has its own regulations when it comes to in-app payments wherein a 30% App Store fee will be charged on every transaction made. The fee will apply to iOS users when they host an online event.
“We asked Apple to reduce its 30% App Store tax or allow us to offer Facebook Pay so we could absorb all costs for businesses struggling during COVID-19," the blog post stated.
"Unfortunately, they dismissed both our requests, and SMBs will only be paid 70% of their hard-earned revenue. While Facebook is waiving fees for paid online events we will make other fees clear in the product,” the post continues, along with a screenshot comparing what it looks like for Android and iOS.