The creator economy is ever-evolving. In the fight to be the best, social media platforms feel the pressure to stay relevant thus providing an ever-growing list of shiny new features. This helps creators continue to make content and better connect with their audience. Now, we’re seeing more monetization updates so that creators can make a living doing what they love. Influencer Marketing Hub reported that 45% of audiences would pay for live video from a favorite team, speaker, performer, or influencer.
Here are the latest updates!
Live Updates & Subscriptions on Instagram
The online live streaming industry has grown 99% between April 2019 and April 2020, with room to continue to rise in 2022.
Instagram just made it possible to schedule a Live without having to create a feed post or story post promoting that Live. It’ll appear in users’ profiles and followers can subscribe to get reminded.
Similar to subscribing on YouTube, Instagram is testing a subscription feature. However, it’s different because users must pay a subscription fee. In exchange for money, users would receive exclusive content.
It’s currently being tested by a handful of creators who get to set their own monthly fee.
According to the Instagram Business Team, benefits to subscribers include:
Subscriber Lives: Creators can broadcast exclusive Lives to their subscribers, allowing them to engage more deeply.
Subscriber Stories: Creators can create stories just for their subscribers, allowing them to share exclusive content and to use interactive story stickers with their most engaged followers only.
Subscriber Badges: Creators will see a subscriber badge next to comments and messages so they can easily identify their subscribers.
Speaking of subscriptions… Twitter’s subscription service, Twitter Blue, is offering a new exclusive feature.
Twitter NFT Profile Pics
The big buzzword that everyone’s heard, but many don’t understand: NFTs. To take ground in the lucrative NFT space, Twitter added a way to use Non-Fungible Tokens as a profile picture. These will be displayed in a hexagon shape. To choose an NFT profile picture, you must first connect your crypto wallet.
What is an NFT? Well, according to Twitter, NFTs (short for Non-Fungible Tokens) are digital items that you own. Proof of ownership is stored on a blockchain, a digital database that is publicly accessible.
Another way to describe NFTs is digital artwork going for millions of dollars. You might be familiar with a piece from the famous “Bored Ape” collection. Earlier this year, Eminem paid roughly $462,000 for one of the NFT ape drawings. Soon after, he made it his Twitter profile picture. Now, he’ll just need to upload it through his crypto wallet to get the special hexagonal shape.
Ready to show off your NFT? Follow these simple steps to connect your crypto wallet and let’s see your NFT PFPs! pic.twitter.com/epSL7VXG5o
— Twitter Blue (@TwitterBlue) January 20, 2022
Only Twitter Blue subscribers using the iOS app in the US, Canada, Australia, and New Zealand will have access to this feature. However, Twitter users on any platform will be able to see the new NFT profile pictures.
TikTok Tests Reposts, Avatars, Audio-Only, and Group Chats
Comparable to Twitter’s retweet button, TikTok creator marketing is exploring a repost option where both creators and brands can share videos with their followers. Once users press the Repost button, TikTok will show up on their friends’ For You pages.
Additionally, TikTok is testing personalized avatars. In the app, users would be able to choose a face template and then edit it for further customization. This avatar would show expressions based on your actual face, much like Apple’s Memoji.
TikTok is also working on rolling out a Clubhouse-like audio-only livestream feature. We’ve seen other apps like Twitter Spaces add audio-only functions to supply creators with options that hopefully add value and increase user engagement.
In addition to reposts, video avatars, and audio-only, TikTok is also testing a new group chats option and screen sharing on livestreams. Another test from TikTok includes Twitch-like subscription features, which would allow creators to make subscriber-only emote stickers and subscriber-only comment sections, similar to Twitch’s subscriber features.
All these updates will hopefully be rolling out to everyone shortly.
That’s all for this month, but there are sure to be more updates soon.
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