Facebook is planning to invest over $1bn to attract content creators by the end of 2022, according to Mark Zuckerberg, CEO of Facebook. This investment will be an effort to compete against TikTok, a popular Chinese short video application which has been downloaded over three billion times.
“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.” Zuckerberg wrote on his Facebook wall.
The investment will include new bonus programs that pay creators for hitting milestones. The engagement will work through invitations only. With Instagram introducing ads to reels last month and Facebook announcing focusing on content creators, this could give a tough competition to other platforms such as Twitch and TikTok. Platforms such as Snapchat and YouTube have also started paying more attention to their creators and are willing to pay hefty amounts to create more original content.