Facebook Chief Executive Officer (CEO), Mark Zuckerberg, has disclosed plans to dole out $1 billion to content creators to produce content for both Instagram and Facebook.
This move would thicken competition between the social media platform and Chinese video-sharing app TikTok.
Zuckerberg explained, “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.”
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He added that “Investing in creators isn’t new for us, but I’m excited to expand this work overtime.”
Zuckerberg said that more details on the plan would be shared “soon”.
Last month, Facebook said that it would not take a cut from the money received by content creators from fan subscriptions, paid online events, among other sources.
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