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.
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