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Facebook opens its coffers to confront Tik Tok .. a billion dollars for content creators
Facebook plans to pay $1 billion until 2022 for users who create content on
its social networks on Facebook and Instagram.
“We want to build the best platforms for millions of creators to earn a
living, so we are building new programs with an investment of over $1
billion to reward Facebook and Instagram creators through 2022,” Facebook
CEO Mark Zuckerberg wrote on Facebook.
According to CNBC, it's one of the ways Facebook hopes to attract
influencers to create content for its platforms, as it competes with other
platforms like Tik Tok.
A threat to the "Facebook" family, Tik Tok conquers the world with 3 billion
copies
"Investing in creators is not new to us, but I'm excited to expand this
business over time," Zuckerberg added.
As part of this initiative, Facebook plans to roll out new reward programs
between now and the end of the year, which will pay creators for specific
achievements.
Among the upcoming bounty programs is the Reels Summer Bonus, which will
launch in the coming weeks and will pay US creators who create Reels content
on Instagram.
Reels is a video feature that Instagram launched in 2020 to compete with the
Tik Tok app.
Over the past few months, Facebook has launched new initiatives to pay
creators as a strategy to attract the company's most influential social
media users to the company's platforms.
Last June, for example, the company announced that it would not deduct a
portion of the revenue that creators earn for paid online events until at
least 2023.