Facebook, Instagram will invest over $1 billion in content creators

NEW DELHI: 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.

Facebook’s investments will include bonus programs to pay creators who hit certain milestones on its apps, including photo-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 tech platforms are on the offensive to attract and keep social media personalities with new payments and services.