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Meta, the parent company of prominent social media platforms Facebook, Instagram, and WhatsApp, is set to introduce a monetisation feature in June 2024 that would enable content creators to earn revenue for their content.
The development was announced by Meta’s President of Global Affairs, Sir Nick Clegg, when he led his team, Meta Platforms Incorporated, to the State House in Abuja during a visit to President Bola Tinubu.
A statement issued by presidential spokesperson Ajuri Ngelale said, “Sir Clegg also said Meta will introduce in June 2024 a feature on its Instagram app that will allow Nigerian creators to monetise their content to enable them to earn a living using the app.”
In reaction to Meta’s announcement, President Tinubu informed the tech company of his desire to invest in young Nigerians:
“For us in Nigeria, we have a vibrant, gifted, and resourceful youth population. Recognising that the future is most likely to be AI-enabled, we have to prepare our youths and make them ready to compete and participate in the global economy.”
President Tinubu added:
“I can assure you that Nigeria is open for business. We want to lead the African continent in digital technology. Data is valuable to our development. We are ready to cooperate on technological advancements. It is the only way to go. We need a collaboration that will be a win-win for all.”
In 2021, Meta stated that it plans to invest about $1 billion in programs that would open new opportunities for content creators to earn money for the content they create on Facebook and Instagram.
How does the monetisation feature work?
According to the Instagram Help Centre, non-business and creator accounts on Instagram are not eligible for the new monetisation feature.
“Business and creator accounts can be paid their earnings via monetisation tools, including badges, bonuses, branded content, gifts, and subscriptions. However, content creators can only receive paid proceeds of branded content for items on the creator marketplace that are labelled Paid through Instagram.”
What makes Instagram users eligible for the payouts?
- Creators must meet both Instagram’s Partner Monetisation Policies and Content Monetisation Policies to be eligible for the Instagram payout.
- Creators must own a payout account for their payments to be remitted to them. Suppose a creator fails to include a payout account within five (5) months or surpasses earnings above $500 per monetisation tool or $1500 across tools, he or she will no longer be eligible for the Instagram monetisation feature. Moreover, after six months, he or she would forfeit all rights to receive payment.
When would creators be paid?
For most monetised items on Instagram, creators would receive payments when they have earned at least $100. In the case of Charities, the earnings should reach $100, £100, or €100.
Meta would pay creators in United States dollars (USD), which would be delivered to the bank or via a PayPal account linked to their payout accounts. Moreover, the local bank or PayPal account would complete conversions to a local currency.
Importantly, depending on the bank, payments can take one to seven business days. However, if a creator decides to change the mode of payment ten days or less before the payment date, he or she will not receive any payment until the next month.
For most monetisation tools, payouts are released on the 21st day of every month for earnings made in the previous month. That means earnings made in January would be paid around February 21.
Invoice issuance and remittances
Creators would receive invoices—a document showing details of a business transaction between a seller and buyer—regardless of the amount they earn. Remittance confirms that payment would be issued and delivered to a creator’s preferred mode of payment after earning the minimum amount for the monetisation tool utilised.
Both would be delivered in Portable Document Format (PDF) to each creator’s account. Invoices and remittances that are two to three months old can also be viewed and downloaded from the Payout settings in the professional dashboard.
