Facebook said it will pay more than $1 billion to content creators on its social network by the end of 2022 in a battle for the top talent race TikTok has more than 3 billion downloads worldwide. The company said that Facebook’s investment will be on content creators who will work to improve apps, including photo-sharing service Instagram, and fund users to create content.

Facebook CEO Mark Zuckerberg also shared the news on his feed on the social media platform. He wrote, “We want to build the best platform for millions of creators to make a living on, so we’re going to reward creators for the great content they create on Facebook with over $1 billion (approximately Rs.7,450 crore)”. Creating new programs to invest more. And Instagram by 2022. Investing in creators is nothing new for us, but I’m excited to expand this work over time. More details soon.”

The social media giant is opening up its wallet to attract huge fan followings from platforms like Alphabet’s YouTube and short video app TikTok.

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