A social networking system user creates an album including a shared collection of content (a “shared album”) and associates a privacy model with the shared album. The privacy model specifies additional users of the social networking system authorized to access content items in the shared album and specifies types of actions users authorized to access content items in the shared album are permitted to perform to content items in the shared album. Notifications describing actions associated with content items in a shared album may be presented to users authorized to access the shared album. The social networking system may prompt a user to create a shared album containing based on actions performed by the user or performed by connected to the user.