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

Facebook Inc will invest over $1 billion to support content creators through the end of 2022, the social media giant said Wednesday, as it aims to compete with platforms like TikTok and YouTube for the attention of top social media personalities.

The investments will include bonus programs to pay creators who hit certain milestones on its apps, including photo-sharing network Instagram, and fund users to produce content, Facebook said.

On Facebook, video creators and online gamers will receive a monthly bonus if they hit milestones for earnings Stars, a form of digital tipping that fans can use to pay their favorite creators during live-streamed videos.