Facebook plans to pay content creators some $1 billion through 2022 in an effort to ward off rivals.
Facebook has been facing increased pressure from rivals, such as TikTok and Clubhouse, and is facing its slowest growth rate in company history. As a result, the company is increasingly looking at different ways to increase engagement and continue attracting content creators and users alike.
The latest endeavor, announced by CEO Mark Zuckerberg, involves paying out $1 billion through 2022.
“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,” wrote Zuckerberg. “Investing in creators isn’t new for us, but I’m excited to expand this work over time. More details soon.”
It will be interesting to see if Facebook’s efforts yields results.