Facebook sees the potential for earning money on online sports events

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Facebook sees the potential for earning money on online sports events

24.05.2021 News

Facebook’s creative team continues its efforts to increasingly monetize its huge audience of more than 2.85 billion active users per month and 1.8 billion active users per day.

Facebook’s current plans are to improve the monetization of its Facebook Live product for online broadcasts of events by connecting more paid sports content.

Facebook says it will help businesses, including sports, make more money in a changing content environment.

Today, Facebook Live already gives small businesses the opportunity to earn money: a variety of consultants, coaches, coaches in music, fitness, leading a variety of workshops and more.

Joav Arnstein, Facebook’s director of product management, believes that paid online sports events also have the potential to grow and enable organizers to make money around the world. Today, these organizers earn in two ways: by selling broadcasting rights and tickets to offline events.

Facebook plans to start by partnering with regional organizers and teams looking to earn more from their competitions.

Rob Shaw, Facebook’s director of sports media and league partnerships, said the company could benefit from some users opting to pay a one-time online fee for a particular sporting event rather than paying a monthly subscription.

As an example of the success already achieved, Facebook said that 18.3 thousand people watched the online broadcast of the March triathlon Challenge Miami in March this year and users bought tickets for $ 2.99. This is more than the event could attract for offline viewing, with 70% of viewers being outside the US.

According to the company, since the launch of Facebook Live last August, paid online events have become available in 44 markets around the world, including the United States.

 

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