Facebook has nearly 2.9 billion users, so lots of people use Facebook to reach that giant audience. But Facebook wants even more people posting more stuff on its platforms, so it’s going to pay out $1 billion by the end of 2022 to encourage creators—people who make internet content for fun and profit but generally aren’t running full-fledged media companies—to make stuff for Facebook and Instagram. The impetus here is clear: Facebook wants more engaging stuff on its apps, and it’s also trying to compete with the likes of TikTok, Snapchat and YouTube.
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