Meta Retreats On Creator Reward Bonus: Report

Meta Platforms, Inc META Meta is ending its Reels Play bonus program, which rewards content creators.
Meta will not offer any new or renewed Reels Play bonus deals but will honor existing commitments over the next 30 days, the Verge reports.
“We are evolving the test of our Reels Play bonus on Instagram and Facebook as we focus on investing in a suite of monetization solutions to help creators earn steady streams of income,” Paige Cohen, a Meta spokesperson, told The Verge. “We will look into ways to run the program in a more targeted form, for example in potential new markets.”
Cohen noted that creators can still earn money through things like subscriptions and brand partnerships.
Meta undertook restructuring to beat costs while it pursued its ambitious metaverse goals, and Facebook and Instagram strived to remain relevant versus TikTok.
Recent reports suggest Meta plans to terminate thousands more employees based on financial targets. In November, Meta let go of 11,000 employees or 13% of its workforce.
Concurrently, Meta is reportedly developing a new app focused on text-based content to support ActivityPub, a decentralized social networking protocol also serving Mastodon and other Twitter competitors.
The app will enable users to share text-based updates, potentially posing direct competition to Elon Musk’s Twitter.
Price Action: Meta shares were trading higher by 1.50% at $184.42 on the last check Friday.