Facebook’s New Patreon-Rivaling Fan Subscription Service Comes With a Laundry List of Questions

There have been some rumours related to Facebook plans to launch a new subscription service such as the one offered by Patreon. And indeed, this should already be a red flag for creators that are using the platform.

At the moment, Patreon takes just 5% of content creators that use these services. Meanwhile, Facebook could eventually take as much as 30% from content creators. This is why Bitcoin (BTC) and other virtual currencies show to be a better alternative.

According to Matt Saincome, the founder of Hard Times, Facebook talked to him to offer early access to a new “fan subscription” product. He explained that his team was very distrustful regarding the proposal.

As he explained on Twitter, they took a look at the terms and conditions and realized that there are some things that are different from Patreon. For example, he mentioned that Facebook wants to keep a revenue share of up to 30%.

Additionally, he said that Facebook “reserves the right to offer discounted and free trials for fans from time to time.” This could be used to incentivize subscription sign-ups or otherwise. The interesting thing is that users that receive this benefit from Facebook will be having discounted rates for their earnings.

There are other surprising things. The terms explain that users that provide data, content or other information related to the use of Fan Subscriptions, users will be granting Facebook a non-exclusive, transferable, sub-licensable, royalty-free license. Even if the user stops using Fan Subscription, this benefits for Facebook remain.

A few hours later, Matt Saincome wrote that Facebook revoked his invitation. Every time he tries to log in to the link provided by Facebook, it is now impossible to see the content.

Clearly, this is something that the cryptocurrency and blockchain space dislike. Why? Because it is hardly centralized, the fees are excessive and Facebook controls the whole network. The popular social network has been involved in different controversies regarding users’ data.

Patreon is clearly not a perfect platform. Indeed, it has been banning popular political commentators and other users because of the way they think and just for sharing their ideas. Thus, this is related with centralization systems as well.

Patreon’s terms of service read as follows:

“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.”

Facebook is also working on its own digital currency that could be used to power remittance payments in the Indian market.

With it, Facebook will also receive large amounts of data from users that would have to provide their private information. Moreover, every single transaction would be carefully registered and linked to a specific individual. Thus, the crypto community clearly prefers Bitcoin and other more privacy-focus digital assets in the space.

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