Facebook Inc has said it would spend US$1 billion on social media creators through the end of next year in a fight for top talent. The announcement came after TikTok became the first rival mobile app to hit 3 billion global downloads.
Facebook’s investments would include bonus programs to pay creators who hit certain milestones on its apps, including image-sharing service Instagram, and fund users to produce content, the company said.
The social media giant is opening its wallet to woo creators with major fan followings from platforms like Alphabet Inc’s YouTube and short video app TikTok.
Multiple major technology platforms are on the offensive to attract and keep social media personalities with new payments and services.
TikTok has committed to spending US$2 billion to support creators over three years.
Snap Inc’s Snapchat has been paying creators a total of US$1 million per day to post popular short-form videos on its service and says it still distributes millions of dollars per month to support creators through its Spotlight program.
“With the 3 billion install milestone, TikTok is the fifth non-game app to join a tier that’s historically been the exclusive domain of Facebook,” mobile insights firm Sensor Tower said in a report on Tuesday.
Facebook said its bonuses would be by invitation only.
Video creators and online gamers would receive a monthly bonus if they hit milestones like broadcasting a certain number of hours to earn Stars, a form of digital tipping that fans can use to pay creators.
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