Chief Executive Officer of Facebook Mark Zuckerberg on Wednesday, July 14 announced the company’s plan of investing over $1 billion to reward creators for the great content they create on Facebook and Instagram through 2022.
The announcement showed Facebook is putting much effort to attract and keep creators as it competes with rival social media platforms such as TikTok, Clubhouse and Google-owned YouTube.
“We want to build the best platforms for millions of creators to make a living,” Zuckerberg said in a post on his Facebook page.
“So, we’re creating new programs to invest over $1 billion to reward creators for the great content they create on Facebook and Instagram through 2022.”
He promised more details soon.
Facebook and other online platforms provide artists and others with stages for making livelihoods from followings, while also enabling technology companies to rake in revenue from ads or e-commerce.
The move comes with Facebook and other Big Tech firms under heightened scrutiny by antitrust enforcers in the United States and elsewhere for their growing dominance of key economic sectors.