To compete with TikTok, Mark Zuckerberg plans to pay more than $1 billion to attract content creators.
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Marc Zuckerberg, CEO of Facebook, announced Wednesday that he will invest more than $1 billion to pay content creators on Facebook and Instagram. This investment would be in an effort to compete against TikTok, the Chinese short video application that has the rest of the social networks shaking.
“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.” Zuckerberg wrote on his Facebook wall.
“Investing in creators isn’t new for us, but I’m excited to expand this work over time. More details soon,” he added.
The strategy would be to pay users for using “specific Facebook and Instagram features or by hitting certain milestones,” detailed The New York Times, citing company sources.
At the beginning, the initiative will work through invitations. Towards the end of this year, they will create a portal where participants can keep track of their earnings on both social networks.
The same medium points out that the measure is part of a strategy to stay current in the face of the amazing growth of TikTok. The platform, originally from China, is considered one of the most downloaded apps of all time. To date, TikTok has been installed over three billion times.