Facebook is setting up a new fund to give creators $1 billion by the end of 2022, CEO Mark Zuckerberg said Wednesday morning.
“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,” Zuckerberg said in a Facebook post announcing the news. “Investing in creators isn’t new for us, but I’m excited to expand this work over time.”
The fund comes as the social network is looking to bring new creators into its ecosystem of apps while — just as importantly for Facebook — keeping them away from platforms like TikTok and Snapchat. Facebook is expected to roll out more details soon, but according to a company representative, the plan will include new bonus programs that reward creators for hitting certain social media milestones. Creators will also receive seed funding to help them produce content. Bonuses for going live and for sharing posts users enjoy on Facebook and Instagram will also be handed out, though Facebook didn’t mention how that will be measured.
This isn’t the first time Facebook has given money away to entice creators — the company set up a $10 million fund for Black gamers last year, for example — but it’s certainly the most money its earmarked to bring creators aboard. Other companies have tried similar strategies recently as well; Snapchat last year started paying its users $1 million per day to post interesting videos and pictures that it would feature within the app. Snap ended its $1 million per day giveaway in May.
Unfortunately, if you were looking to get your hands on some of those Facebook bucks, the new program is invite-only for the time being. Creators who are eligible for the payouts will receive a notification when they open the app, and the company expects to rollout a feature for creators to track their payouts from Facebook and Instagram by the end of 2021.