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.”
For users unfamiliar with similar blockchain subscription services, note this:-
- They take a far lesser cut from your earnings, generally pegged at 1 to 2 percent
- You are your own master, controlling the right to who has access to your account and when to offer free trials to your subscription.
- A certain set of base rules are set, and are quite flexible, unlike all the centralized nonsense Facebook is trying to come up with.
Even Patreon is on the brink of extinction with its ban on popular internet influencers and those individuals who vocally attack governments and political leaders on many accounts.
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.
As per Patreon’s official terms and conditions:
“We can terminate or suspend your account at any time at our discretion. We can also cancel any pledges and remove any content or rewards at our discretion. These terms remain in effect after your account is disabled.”
In the end it remains totally upto you as to whether you can suffer the brunt of continued censorship or would you like the world to hear your point of view, unrestrained by any virtual limitations.