By the end of 2022, Facebook will spend US$1 billion (approximately Rs 74.5 billion) on social media creators to compete for top talent. This news was announced within a week when TikTok became the first global download to reach 30 Billion times competitor mobile application.
The company said that Facebook’s investment will include incentive programs to pay creators who reach certain milestones on its apps, including photo-sharing service Instagram, and fund users to produce content.
Facebook CEO Mark Zuckerberg also shared the news in a personal information stream on social media platforms. He wrote: “We want to build the best livelihood platform for millions of creators, so we are creating a new plan to invest more than US$1 billion (approximately 74.5 billion rupees) to reward creators on Facebook and Instagram until 2022 Years. Investing in creators is not new to us, but I am happy to expand this work over time. There will be more details soon.”
The social media giant is opening its wallet to attract creators from major fans of platforms such as Alphabet’s YouTube and short video app TikTok.
Several major technology platforms are using new payments and services to attract and retain social media celebrities.
TikTok has pledged to spend US$2 billion (approximately Rs 14,890 crore) within three years to support creators. Snap’s Snapchat used to pay creators a total of US$1 million (approximately Rs 7.4 million) per day for publishing popular short videos on its service, and said it still distributes millions of US dollars a month to pass its Spotlight Plan to support creators.
Sensor Tower, a mobile insight company, said in a report on Tuesday: “With a milestone of 3 billion installations, TikTok is the fifth non-gaming application to join this level, which has historically been Facebook’s exclusive domain. “
Facebook said that so far, its bonuses can only be obtained through invitations. On its main platform, if video creators and online gamers reach milestones, such as broadcasting a certain number of hours to earn stars, they will receive monthly bonuses. This is a form of digital tipping that fans can use during live video streaming. To pay for their favorite creators.
Instagram’s reward program will include incentives to use Reels, which is its TikTok feature that mimics short video clips. The company said that creators will make money based on the performance of their Reels videos.
© Thomson Reuters 2021