Facebook Inc. (NASDAQ: FB) announced on Wednesday that by the end of 2022, it would have spent $1 billion on social media artists.
What happened was this: The investments will include funds for content creation as well as rewards and awards for producers who reach certain milestones, and they will be available to Instagram users as well.
On Instagram, Facebook will launch The Reels Summer Bonus, a program that will reward creators for creating outstanding Reels content on the photo-sharing app.
Also see: Why It Matters: Facebook’s Substack Rival Service Bulletin Is Now Live: What You Need To Know According to SensorTower, the Menlo Park, California-based behemoth is up against stiff competition, particularly from TikTok, the first non-Facebook social media app to exceed the 3 billion download mark globally.
In an earnings call earlier this year, Facebook, which also owns WhatsApp, told investors that Apple Inc. (NASDAQ: AAPL) is turning out to be one of the largest competitors.
Apart from TikTok, Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) YouTube, and Apple, Snap Inc (NYSE: SNAP), Twitter Inc (NYSE: TWTR), Microsoft Corp (NASDAQ: MSFT)-owned LinkedIn, and now audio-based startup Clubhouse, Facebook is under stiff competition. Instagram’s Adam Mosseri indicated earlier this month on Twitter that the company is testing a number of new features, implying that the major changes are in response to TikTok’s growing popularity and YouTube’s growth.
On Wednesday, Facebook shares fell 1.27 percent to $347.63, closing at $347.63.
Continue reading: With the new feature ‘Backchannel (C) 2021,’ Clubhouse users can now send direct messages. Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
