The creator talent wars are on. As platforms like Snapchat and TikTok have ramped up efforts to pay creators for continuing to share content on their apps, Facebook and its Instagram app have fallen behind in the eyes of creators, especially those fearful that dwindling engagement and Instagram’s video pivot will put strains on their small businesses.
Today, Facebook and Instagram are hoping to alleviate creators’ gripes with the announcement of extra ways creators can earn a little more money on the platforms. It’s doing so with a hefty monetary commitment, aiming to convey just how much creators mean to the platform. With so much competition, it’s another effort by the social media giant to keep creators funded, satisfied and less likely to jump ship.
On Wednesday afternoon, Facebook CEO Mark Zuckerberg announced in a Facebook post that the platform is investing more than $1 billion globally in creators through the end of 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,” reads the post. “Investing in creators isn't new for us, but I'm excited to expand this work over time.”
Following his announcement, Instagram shared just how the platforms plans on allocating the funds through new “bonus” programs for creators, created to reward creators for hitting specific milestones with their content, fund new content and help them understand what content performs best. There will also be a dedicated place in the Instagram and Facebook apps where creators can learn about the bonuses that they can take part in, rolling out to Instagram this summer and Facebook in the fall. Bonus programs will roll out through the end of the year, and at this point, are only available to creators by invitation. Facebook and Instagram are promoting the new bonuses at the top of feeds.