Facebook and Instagram to invest over $1 billion in content creators
The plan will include bonus programs to pay creators who hit certain milestones on its apps, according to media reports
Facebook will invest over $1 billion to support content creators through the end of 2022, the social media giant has said, according to media reports.
Facebook’s move is being seen as its attempt to compete with platforms like TikTok and YouTube for popular social media personalities.
The plan will include bonus programs to pay creators who hit certain milestones on its apps, including photo-sharing network Instagram, and fund users to produce content, Facebook said. Instagram’s bonus programs will include incentives to use Reels.
Facebook said its bonuses so far are by invitation only.
Several major tech platforms have been trying to woo social media personalities.
TikTok has committed to spending $2 billion to support creators over three years. Snap Inc's Snapchat used to pay creators a total of $1 million per day to post popular short-form videos on its service.
