While most in-person events remain on hold because of the pandemic, Facebook’s new Paid Online Events channel may provide businesses an opportunity to maintain a revenue stream by hosting virtual events.
What Are Facebook Paid Online Events?
Launched in early August, Paid Online Events offers an all-in-one streamlined marketing platform within Facebook. Business owners, creators, and educators can create online events, set prices, deploy promotions, sell tickets, collect payments and host events, all within Facebook’s platform. The goal of Paid Online Events is to help small business owners leverage Facebook’s traffic to drive revenue from hosting virtual events or classes during a time of economic uncertainty and stress. For the first year of the service, Facebook is waiving their fee allowing businesses to keep 100% of earnings from Paid Online Events. Paid Online Events is currently available in the U.S. and 19 other countries.
Why Is Facebook Launching Paid Online Events?
More than 80 million small businesses in the world use Facebook as a communication channel to connect with consumers. The new Paid Online Events channel is an expansion on monetizing the site’s massive traffic to provide another potential revenue stream for small businesses.
In addition to Paid Online Events, over the course of 2020 Facebook offered two other programs dedicated to providing opportunities to small businesses — the Small Business Grants Program offering $100 million in cash grants and ad credits for black-owned businesses and nonprofits, and Facebook Shops, helping brands sell online.
What Is The Impact Of Facebook Paid Online Events On Digital Marketing?
By leveraging Facebook’s Paid Online Events, small businesses have the opportunity to increase their online footprints and drive transactions by hosting virtual events, which can be anything from fitness classes to thought leader presentations.
At the end of Q2, Facebook had 2.7 billion active users and nine million advertisers. It has become a powerful platform within the media ecosystem. Facebook’s marketing and advertising capabilities, combined with its diverse audience, continue to position the social media platform as a vital component of many holistic digital-marketing strategies. Paid Online Events is another effort to monetize Facebook, and seamlessly move consumers through the sales funnel without requiring them to leave the platform.
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