Facebook Founder and CEO Mark Zuckerberg has announced a funding initiative to “reward creators for great content, making Facebook the best platform for millions of creators to make a living”. The move will involve paying out more than $1billion by the end of next year to creators who use Facebooks services in a variety of ways.
The funding is available on an invitation only basis for the moment. Facebook is offering the first of the new bonus incentives to those creators making videos on the platform with in-stream ads enabled. Creators will also receive bonuses for hitting livestream milestones. Instagram will have its own bonus system which will also be on an invitation-only basis to begin with. Other rewards will be given to creators for enabling ads on IGTV or creating high ranking Reels, Instagram’s rival to TikTok’s short form video.
Facebook however is not the only content company to tempt creators with cash incentives. Following the success of YouTube’s $100 million funded YouTube Shorts video platform, Snapchat launched it’s own TikTok rival, Spotlight, in November. They now pay out $1 million per day to the creators posting the most successful videos to its platform.
When do payments start?
Facebook says that the cash bonuses will be paid out via Facebook and Instagram by the end of 2022. These will be “seasonal, evolving and expanding over time”. There will be a dedicated hub built within the Instagram app which houses the bonus programs available this summer to be replicated for Facebook later in the year. Facebook have also announced that it won’t be taking a share from any creators making a profit from its services until 2023.
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