November 2, 2021 RAVEN5
Social networks such as Facebook continue to provide value to marketers and continue to be valuable sharing tools for both Sweepstakes Marketing and Contest Marketing. Let’s take a look at what’s new with Facebook in 2021.
Facebook Inc., is rebranding itself with a new group name that focuses on the metaverse, after being under fire from regulators and lawmakers over business practices. The name change to Meta Platforms Inc., was announced on October 28, 2021. A metaverse is a digital world where people can move between different devices and communicate in a virtual environment. Facebook CEO Mark Zuckerberg is heavily invested in virtual reality, developing the Oculus VR headsets and he continues to work on AP glasses and wristbands.
This change would then position the flagship app as one of their products under a parent company overseeing brands like WhatsApp and Instagram. Google adopted such a structure when it recognized into a holding company called Alphabet in 2015. More here: http://bnc.tv/facebook-inc-changes-its-name-to-meta-platforms-inc.
Relaunching Reels in the US plus bonus programs
Facebook launched the new Reels in iOS and Android, which allows you to add music, video, audio, and people can comment and react to them. This can allow creators to build a larger audience since reels can reach everyone on the platform, brands and businesses can get discovered in the News Feed.
Facebook is excited to launch the bonus program for creators. Eligible creators on both Facebook and Instagram would qualify to receive bonuses. There are multiple ways to earn bonuses: In-Stream Bonus, Stars Bonus, IGTV Ads Bonus, Badges Bonus and Reels Summer Bonus. This will initially be an invite-only audience available only in the US, with the hopes of it expanding globally in the near future. Facebook is planning to distribute an estimated 1 Billion USD in total through these bonus programs. Creators can keep a look out for the Bonus section in their apps to check eligibility or learn more in the Monetization Tools center. More here: https://about.fb.com/news/2021/07/investing-1-billion-dollars-in-creators/
Fantasy Games Rolled out
Available on iOS and Android in Canada and the US, fantasy sports game has been rolled out. You will be able to create private or public leagues, predict a game, compete against other users, and share your pics with others in real time. Pick & Play Sports is a daily sports prediction game, the first Facebook Fantasy Game to go live. Other games will be launched soon and be created in collaboration with major sports leagues.
Facebook can no longer target teens based on interest
Advertisers will no longer be able to target teens based on interests and can only share ads to those 18 years or older. Facebook states that they taking all the necessary step to keep anyone under the age of 18 safe on their platforms. This is to prevent brands from targeting teens interested in alcohol, gambling, smoking, extreme weight loss, and online dating. Social media is a huge influence to so many people online and this constraint will help in protecting minors from any potential abuse.
Soon, in select countries you will be able to send and receive money to anyone on Facebook, Messenger, Instagram, and WhatsApp. The new payment system will also streamline payments to Facebook Shops as well as fundraisers. Starting in June 2021, US users were among the first to be able to enable Facebook Pay and share links and QR codes. Since then the platform has expanded worldwide. See current availability here: https://pay.facebook.com/ca/availability/
Listen to podcasts on Facebook
Until now, users were able to find podcasts on Facebook, but needed to leave the app to listen to the episode. In the next few months users will be able to listen to podcasts within the app while still using Facebook in the background. Facebook will recommend a podcast to you based on your interests and this will allow creators to find new listeners. So, get your headphones on and be ready!
Robyn O’Brien, RAVEN5, November 2021