Facebook announced that they are planning to set up a program that will pay $1 billion dollars to its content creators in 2022.
Facebook CEO Mark Zuckerberg posted on Wednesday, July 14 that “We want to build the best platforms for millions of creators to make a living, so we’re creating new programs to invest over $1 billion to reward creators for great content they create on Facebook and Instagram through 2022.”
“Investing in creators isn’t new for us, but I’m excited to expand this work overtime. More details soon,” he added.
According to the company, Facebook’s investments will include bonus programs to pay creators who reach certain milestones on its apps, including the photo-sharing service Instagram.
Meanwhile, Instagram’s bonus programs will include incentives to use Reels, it’s copycat TikTok feature that showcases short-form video clips.
Creators will earn money based on how their Reels videos perform, the company said.
It is a strategy of the company in hopes to attract more influencers that will produce quality content to its platform as it tries to compete with other popular social media sites such as TikTok, Youtube, and others.
Facebook is opening its wallet to invite creators like how other social media platforms are pursuing personalities with a million followers.
More so, TikTok has committed to spending $2 billion to support creators over three years while Snap Inc’s Snapchat used to pay creators a total of $1 million per day to post popular short-form videos on its service and says it still distributes millions per month to support creators through its Spotlight program.