This isn’t the first time Facebook has tried to lure creators over to its platforms by using money as an incentive. Last year, the company approached some of TikTok’s most popular creators and made them offers to use Instagram’s TikTok copycat, Reels, the Wall Street Journal reported at the time. The company also launched a Black Gaming Creator Program in December that will pay creators who use Facebook gaming a total of $10 million over the next two years as a way to lure gamers over from Twitch.
Facebook’s $1 billion pledge also falls in line with other creator funds handed out by other major social media platforms. When TikTok first introduced its creator fund last July, the company said it would start with a $200 million payout — a figure that soon increased to $1 billion for U.S. creators, to be paid out over three years.
YouTube, meanwhile, launched a $100 million fund in May for creators making Shorts videos, that will be paid out through 2022, while Snapchat has paid out $130 million to Spotlight creators as of that same month. Spotify unveiled its own fund for podcast and live audio creators last month, but the company has declined to share how much funding is available.
This article was originally published by The Hollywood Reporter.