The social media giant Facebook Inc and Instagram will invest over USD 1 billion to support content creators through the end of 2022. The social media platform aims to compete with other platforms like TikTok and YouTube for the attention of top social media personalities.
The company said that this investments will include also includes bonus programs to pay creators who hit certain milestones on its apps also the photo-sharing network Instagram, and fund users to produce content.
Video creators and online gamers on Facebook will receive a monthly bonus if they hit milestones for earnings 'Stars' which is form of digital tipping that fans and followers can use to pay their favourite creator during live-streamed videos.
While, the Instagram bonus programs will include incentives to use its Reels feature that showcases short-form video clips and creators will earn based on how their Reels videos perform.
The social media company has open its wallet for top content creators who have major fan followings from platforms like Alphabet Inc's, YouTube and short video app TikTok.
TikTok has committed to spend USD 2 billion to support content creators over three years. While, Snapchat previously paid creators a total of USD 1 million per day to post popular short videos on its service.