(FILES) In this file photo illustration, a smart phone screen displays the logo of Facebook on a Facebook website background. (Photo by OLIVIER DOULIERY / AFP)
Facebook chief Mark Zuckerberg on Wednesday said that the internet titan will pour $1 billion into programs for creators of popular content at the social network through 2022.
The announcement showed Facebook ramping up efforts to attract and keep creators as it competes with rival platforms such as TikTok, Clubhouse and Google-owned YouTube.
“We want to build the best platforms for millions of creators to make a living,” Zuckerberg said in a post at his Facebook page.
“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.”
He promised more details soon.
Facebook and other online platforms provide artists and others with stages for making livelihoods from followings, while also enabling tech companies to rake in revenue from ads or e-commerce.
The move comes with Facebook and other Big Tech firms under heightened scrutiny by antitrust enforcers in the United States and elsewhere for their growing dominance of key economic sectors.