Facebook is opening up its wallet to creators!
CNBC reports that on Wednesday (July 14), the company’s CEO, Mark Zuckerberg announced that Facebook has plans to dish out $1 billion up through 2022 to users who create content for its Instagram and Facebook social networks.
The social media platform wants to show that they’re still in the market when it comes to attracting influencers while up against its competition with other platforms like TikTok.
“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 the great content they create on Facebook and Instagram through 2022,” Zuckerberg wrote in a post on Facebook. “Investing in creators isn’t new for us, but I’m excited to expand this work over time.”
Between now and the end of the year, the company will roll out a new bonus program that will pay creators once they hit specific milestones.
Included in the bonus programs is a Reels Summer Bonus set to launch in the next few weeks. The program will pay U.S. users who create the best Reels content for Instagram.
Reels is a video feature that includes full-screen, short-length videos, that was launched by Instagram in 2020 as TikTok began to gain notoriety.
Per Facebook, the company will launch spaces within the app that will be dedicated to informing creators about the bonuses that they can work toward. The spaces will roll out on Instagram during the summer and Facebook during the fall.
This is just the latest stunt by the company to lure more notable creators onto its platform by dishing out money initiatives.
Last month, Facebook announced that it wouldn’t receive a portion of the revenue earned by creators for badges, fan subscriptions, paid online events, and its upcoming independent news product until at least 2023.
In April, the company revealed new programs that allow creators to make money via Instagram.