In its announcement, Meta said it paid creators more than $2 billion for their Reels, videos, photos and text posts over the past year. However, it also said that creators aren't able to maximize what they could make on the platform, and only one-third of them earn from more than one of its programs. The consolidated scheme will work just like its older programs in that it has a performance-based payout model. Monetized users can still earn from the ads in their reels, longer videos, photos and text posts. Meta will give them access to a new Insights tab, though, which shows how much money they're making on different content formats. They can also see which videos and posts are making the most money. Previously, the company had separate insights tabs for each program.

The new monetization feature is still in beta mode and will be until next year. This week, Meta will start inviting 1 million creators already earning on the social network to take part in its beta testing, but it will continue sending invites to more people in the coming months. Creators don't have to take part in the test if they don't want to, but if they do, they can't rejoin Facebook's standalone monetization schemes. Those who don't get an invitation anytime soon but want to join the new program can express their interest through Facebook's official content monetization page.