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Facebook & Instagram to invest on content creators
July 15, 2021
Facebook Inc will spend through $1 billion on social media creators through the end of 2022 in a battle for top talent announced in seven days when TikTok turned into the first rival mobile application to hit 3 billion worldwide downloads.
Facebook’s investments will incorporate bonus programs to pay creators who hit certain milestones on its applications, including photo sharing help Instagram, and fund users to produce content, the organization said.
The social media giant is opening its wallet to woo creators with significant fan followings from platform like Alphabet Inc’s YouTube and short video application TikTok.
Multiple major tech platforms are on the offensive to attract and keep social media personalities with new payments and services.
TikTok has focused on spending $2 billion to help creators more than three years. Snap Inc’s Snapchat used to pay creators an aggregate of $1 million every day to post popular short-form videos on its service and says it still distributes millions per month to help creators through its Spotlight program.
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