Facebook plans to pay out $1 billion through 2022 to users who create content for Facebook and Instagram social networks. Content creators – digipubs, video creators, gaming creators, media companies, cultural institutions, businesses of all sizes and more – build vibrant communities on the social media platform.
Mark Zuckerberg, in a FB post, said the company wants to build the best platforms for millions of creators. “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. More details soon.”
The company plans to roll out new bonus programs between now and the end of the year that will pay out creators for hitting specific milestones. This includes Reels Summer Bonus, which is set to be launched in coming weeks. It will pay US users who create great Reels content for Instagram. Reels is a full screen, short-length video feature that was launched by Instagram in 2020 to compete with TikTok content.
TikTok, according to Tech Crunch, had launched a $200 million creator fund in 2020. According to data from SensorTower, TikTok just surpassed three billion global downloads. The only other apps to have crossed that milestone are WhatsApp, Messenger, Facebook and Instagram.
Facebook plans to launch dedicated spaces within its Instagram app this summer and the Facebook app this fall where creators can go to learn about bonuses that they can work toward. Moreover, the platform has been rolling out new initiatives to pay out money to creators as a tactic to lure more influential social media users onto its services.
In March 2021, Facebook said it was exploring in-stream ad formats that increase engagement through rewards or product interaction, intending to help content creator payouts grow. It also provides a good viewing experience for people and a way for advertisers to reach relevant audiences. “We are especially focused on short-form video monetization. In the coming weeks, we’ll begin testing the ability for content creators to monetize their Facebook Stories with ads that look like stickers and receive a portion of the resulting revenue,” the platform said in a blogpost.