Facebook Is Launching Its Own Version Of Cameo, OnlyFans: Report

Companies like Cameo and OnlyFans have made a killing in 2020. Facebook Inc (NASDAQ: FB) is looking to get a slice of that pie by building a new video tool.

What Happened: The Facebook tool dubbed “Super” will allow people to pay content creators or celebrities for the chance to interact with them during a live broadcast, according to Bloomberg, citing a person familiar with the feature.

Viewers can also tip creators by buying them digital gifts, or pay to appear alongside a creator during the live stream, according to Bloomberg.

See Also: Facebook, YouTube, Twitter Face Multi-Billion Fines In UK Under Online Safety Legislation

Why It Matters: Celebrities and content creators are able to rake in a ton of money from appearing on apps. "The Office" star Brian Baumgartner earned over $1 million from the Cameo app just this year.

"Cameo expects to make $100 million from video transactions this year," according to Axios. "Over 1 million Cameo videos have been sold-to-date, Tens of thousands of talent now use the app to sell videos."

OnlyFans will earn $300 million in profit this year, according to The Information.

FB Price Action: Facebook shares traded around $273.71 on Tuesday at the time of publication. The stock has a 52-week high of $304.67 and a 52-week low of $137.10.