Social media giant Facebook is strengthening its content game with plans to pay $1 billion to creator community by the end of 2022.
In a statement on Wednesday, the company said artists who will use its creative and monetization tools to create great Facebook/Instagram will get an opportunity to bag seed funding and cash bonuses.
The rewards will be provided through various in-house programs, which will run above and beyond Facebook’s existing monetization opportunities such as revenue through video ads, fan support via Badges and Stars, subscriptions, and paid online events.
Facebook said the initiatives will expand and evolve over time and it will also launch a dedicated space to help creators learn about the bonuses they could earn.
The section will be available on both Facebook and Instagram apps.
For now, creators on Facebook can earn cash bonuses by running ads on their videos or by achieving certain star tipping milestones on their livestreamed content. Meanwhile, those on Instagram artists can get rewarded by signing up for IGTV ads, hitting certain milestones with badges, or creating viral videos on Reels.
All the bonus programs are currently active on an invite-only basis, with some being available for select countries or a specific period of time.
The investment promise from Facebook comes as part of an effort to draw more creators and take on burgeoning competition in the social media space, especially from players like Clubhouse and TikTok.
Both of these platforms have drawn scores of creators while providing them a platform to build a sustainable business.
Just last month, Clubhouse, which allows people to host or participate in live audio conversations, also launched its Creator First program in India, with a goal to help creators with the financing, production, and promotion of their shows.
Others looking to challenge Facebook with creator-focused products include Twitter, Sharechat, Glance, Spotify, Reddit.