Facebook Inc will spend $1 billion on social media creators through the end of 2022 in a fight for top talent announced in a week when TikTok became the first rival mobile app to hit 3 billion global downloads.
The company will pay creators through a series of new bonus initiatives across Facebook and Instagram, which are “seasonal, evolving and expanding over time.” The bonus programs will have a dedicated hub within the Instagram app later this summer and in the Facebook app later this year.
Facebook’s approach is more confusing than other companies, framing the money as a “bonus” for completing various activities and goals, rather than focusing on a single product. But the intention seems to be investing cash to juice the company’s many different services all at once, helping them stand out as the apps start to see new competition from companies like TikTok and Clubhouse. Last month, Facebook announced that it wouldn’t take a cut from creators making money with a number of its services until 2023, in another attempt to make the network more appealing.
Facebook said its bonuses so far are by invitation only. On its main platform video creators and online gamers will 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 their favorite creators during live-streamed videos.
TikTok itself launched a $200 million creator fund last year, though the app doesn’t seem to have much to worry about (yet, anyway). According to data from SensorTower, TikTok just surpassed 3 billion global downloads. The only other apps to have crossed that milestone are WhatsApp, Messenger, Facebook and Instagram — all owned by Facebook.
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