Facebook recently announced that it will allow users to have paid livestreams on their Facebook Pages. That is great news. Especially during these times when the world is locked up – and people are looking for a way to monetize their time and expertise.
For a long time now, we’ve been forced to believe content online should be free. There’s a very specific reason why. When the internet started in early 1990s, there was no good way to make payments online. Even when the internet was thriving, it was really hard to make any payments online. It was broken, insecure and buggy. The technology wasn’t there, and banks weren’t ready to invest on this new technology called the internet. So, people had to find other ways to commercialize the web. Companies like YouTube, Google and Facebook turned to ads. With this model, the content was free for the end consumers – because the brands were paying the platforms to get their ads out.
Things have now changed. Internet payments work. Credit cards, wallets, UPI in India and even crypto currencies now work flawlessly to make payments online. It just works, people are used to it. Yet, people creating content aren’t charging for it. Anyone who’s tried, including our co-founder, will tell you how hard it is to make any money by creating content online and relying on ads. The best way is to charge people for your content directly – especially now that you can.
We’re in a special time when not only does payment work, but so does video streaming. That coupled with the fact that people have a lot of time at home, makes us uniquely placed to do paid livestreams. It is no surprise that Facebook has spotted this. People are already doing this in the form of Zoom calls. Dance teachers who previously thought you can’t teach dance online are now taking all their classes online out of sheer compulsion. But how do you charge your users?
Facebook’s paid livestreaming may alleviate that problem for some users. But not the serious kind. The serious kind are the people who are looking to create paid livestreams and make it their business. What do you do if you want to make a billion dollar startup by creating media? How do you become a solo unicorn? Unfortunately, there is no real way to do it. Facebook doesn’t want you to do it. It wants you to do the paid livestreams inside Facebook so that it gets even more people hooked on to its platform. That’s when it gets more ad revenue!
There’s nothing wrong in that business model of Facebook. It makes sense for them and they are also right in spotting the user need for such a thing. Full credit where it’s due.
But will you be doing your paid livestreams on Facebook, where Facebook’s interests are only tangentially similar that of yours? We suggest otherwise, as you’d have guessed.
Because, that’s what we’ve built out. We have all the tooling you’ll need to setup a Billion dollar company by creating media. We help you launch your brand through your own app. Don’t rely on larger platforms like Facebook, where you would be a small cog in the wheel, where people are continuously distracted by the photos of their friend’s puppies’ lunch. Have your own app where people can give you full attention and money. Paid livestreaming is one of the easiest way to get started.
If you want to do a few lives sessions as a hobby, sure. Facebook’s paid livestreaming should suit you just fine. However, if you’re looking to build your content kingdom, your answer isn’t Facebook paid livestreaming. It might be Socionity. You should give it a spin. We want you to be a solo unicorn. A one member billion dollar company. The world is ready for that.
We write and think a lot about how paid content is going to evolve. Subscribe to our posts here. Never more than one email a week.