Facebook for Business has introduced a new service, which enables users to create their own event, such as a group workout or yoga class, host it and collect payment, all in one place.

The new "Paid Online Events" solution builds on the existing Facebook Live option, which allows users to stream live to followers.

Using the new functionality could prov useful for personal trainers and small gyms looking to expand their customer base.

"In testing, we’ve seen businesses use Facebook to host expert talks, boxing matches, fitness classes and more," said Fidji Simo, vice president and head of Facebook App.

"Whether you're looking to take your existing services online or create entirely new experiences, paid online events can help you to make money and grow your business.

"You can invite people to your classes, workshops or other events and charge a fee for admission.

"It also enables you to expand your audience by opening up your events to the world – you can now expand your reach beyond your local area by taking in-person events virtual."

Facebook has also opened up the live events for advertising, so those hosting them can promote their events to a targeted audience.

To support small businesses and creators, Facebook will not collect any fees from paid online events for at least the next year.

For transactions on the web, and on Android in countries where the social media giant has rolled out Facebook Pay, small businesses will be able to keep 100 per cent of the revenue they generate from paid online events.

"With social distancing mandates still in place, many businesses and creators are bringing their events and services online to connect with existing customers and reach new ones," Simo added.

"People are also relying on live video and interactive experiences more when they can’t come together physically. In June, we saw live broadcasts from Pages double compared to the same time last year, largely attributed to broadcasts since March."

• To learn more about the new service, click here for Facebook's Paid Online Events guide.