In a recent blog post, Meta, formerly Facebook, announced the launch of the Stars Store. Stars are purchased as a digital form of money to give support to creators.
Previously, stars could only be purchased through the app store where they were subject to a revenue share with the app store platform provider, e.g., Apple or Google. Now users can purchase through the new website using Facebook Pay instead of Apple or Google’s payment tools.
This change comes on the cusp of a lawsuit between Epic Games & Apple regarding their app store policies. Facebook and others back Epic Games who contend that Apple should allow other payment options and not take such a large cut from in-app purchases. According to Techcrunch,
“Though Apple largely won that lawsuit when the judge declared that Apple was not acting as a monopolist as Epic Games had alleged, the court sided with the Fortnite maker on the matter of Apple’s anti-steering policies regarding restrictions on in-app purchases.”
You can find out more about that lawsuit ruling here.
Facebook is offering extended features including anytime purchase and they provide ideas for how Stars can be used to promote your favorite creators. Another feature is a Star badge that top fans can earn as recognition of their support.
Because Meta has circumvented the app store fees, they are able to provide more Stars at a lower cost to the consumer. Other freebies include bonus Stars when purchased through the website. Check the website for current promotional offers: This is great news for creators who can continue creating and earning money via live streams and videos but, once the promotional offers are removed the rates match what already appears in the app store.
What can we learn from this?
As entrepreneurs, there is always a lesson lurking in product and service launches.
What fees are you currently paying that you can eliminate?
This is a biggie. Whether it’s payment processing fees, in-app purchases, or usage fees, the new year is a great time to reexamine finances and determine what works best for your business. Are there services or fees that you can avoid by moving it in-house? It’s worth checking into.
How can you implement Stars for your business?
Do you create live streaming content that others can support with Stars? Per Techcrunch, Facebook will be testing out other formats for Stars, such as posts and reels making this service more promising for the future of small businesses and creators. Check out this website to find out if enabling Stars for your account is right for your business.