Facebook is planning to start its own subscription service, quite similar to the existing ‘Patreon’, according to leaked media sources.
However, users of such services would be better off continuing to use Patreon as their platform since Facebook intends to take a cut of upto 30% of total earnings compared to the 5% commission taken by Patreon.
This is one of the reasons why blockchain based services are here to stay as they can allow justified monetization for content creators.
Matt Saincome, founder of Hard Times, tweeted that him and his team had been offered by Facebook an early access to their subscription alongwith ‘some’ details about their service:
“Facebook may in the future change these Terms such that Facebook keeps a revenue share of up to 30%. We will give 30 days’ notice of any such change.”
Another pre-condition to this Facebook plot is that you would basically have no control over who is allowed to view your account and anyone can subscribe to your account, whether for a free time period or a paid subscription, its all controlled by Facebook.
“Facebook reserves the right to offer discounted and free trials for fans from time to time in our discretion, whether to incentivize Subscription sign-ups or otherwise. Where we do so in relation to your Fan Subscriptions, your revenue share will be reduced accordingly.”
However, I think that this is an excellent opportunity for Bitcoin promoters to step up operations and to reel in more and more people not entirely convinced with the idea of services like Patreon.
Even though Patreon takes a smaller 5% cut on you earnings, it can still ban and censor your activities on their account, something that most people feel curbs their digital freedom.