Facebook To Give Content Creators $1 Bln Through 2022

(RTTNews) - Facebook Inc. (FB) CEO Mark Zuckerberg said on Wednesday that the company plans to give out a sum of around $1 billion through the year 2022 to users who create content for its Facebook and Instagram social handles. "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," Zuckerberg wrote in a Facebook post. "Investing in creators isn't new for us, but I'm excited to expand this work over time," he added. The company said that as part of the $1 billion initiative, it will introduce new bonus programs between July and year-end, which will offer payment to creators for meeting certain milestones. A similar bonus program is the soon-to-be-launched Reels Summer Bonus, which will pay U.S. users who make unique Reels content for Instagram. Reels is a full-screen, short-length video feature app launched by Instagram in 2020 to compete with TikTok. According to Facebook, dedicated spaces have been planned within its Instagram app this summer and the Facebook app this fall where creators can get detailed information as to how the bonuses can be accessed and what all needs to be done for the same as well.

The $1 billion payout by Facebook is the company's method of attracting content creators to generate content like they do on other platforms. Over the past few months, Facebook has been dishing out new ideas to pay out money to creators to attract powerful social media influencers onboard. For example, in June, the company said that it would not take a cut from the revenue generated by creators for paid online events, fan subscriptions, badges and its upcoming independent news product until at least 2023.

And in April, the company announced new programs for Instagram creators to make quick bucks. These programs include a marketplace, which would help match brands with creators whose content fits the audiences that they are trying to reach out to.