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Facebook Inc. is developing a program to pay creators $1 billion through the end of 2022, Chief Executive Mark Zuckerberg said Wednesday.
“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. Investing in creators isn’t new for us, but I’m excited to expand this work over time,” Zuckerberg said on his Facebook profile.
The new program, a tantalizing incentive for influencers to create and post original content to Facebook
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and Instagram, is a further escalation of a digital arms race among tech companies to court online content creators who can generate enormous engagement and bring their young fans to a platform.
This isn’t Facebook’s first stab at currying favor with creators. The social-networking giant has paid TikTok and YouTube influencers to use features of Instagram such as IGTV, a long-form video feature similar to YouTube, and Reels, a feature that functions like TikTok. Facebook in December pledged to invest $10 million over the next two years in the Black gaming community.
Google’s
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YouTube and TikTok have made significant inroads in the creator community by helping them make money and by building features to serve their needs. TikTok was the most-downloaded app globally in the first half of 2021, with more than 3 billion installations, according to mobile insights firm SensorTower.
At least 50 million people globally consider themselves content creators.
Facebook shares were down 1% in early afternoon trading Wednesday.
