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Facebook says it will pay $1B over 3 years to news industry
The social networking giant, which has been tussling with Australia over a law that would make social platforms pay news organizations, said it has invested $600 million since 2018 for news.
LOS ANGELES - By the end of 2020, Facebook announced it plans to invest more than $1 billion in programs that give content creators new ways to earn money on Facebook and Instagram.
"From artists to style experts and budding entertainers, creators drive so much of the passion and creativity we see across our apps," the social media company announced in a press release. "As we continue building creative tools like Live Audio Rooms and Bulletin, as well as monetization products like Stars and affiliate, we also want to reward creators, especially those who are just starting out, for creating content their communities love."
The investment will include new bonus programs that pay eligible creators for hitting certain milestones when they use the platform’s creative and monetization tools.
Facebook will also provide funding for creators to produce their own content.
"Our goal is to help as many creators as possible find sustainable, long-term success on our apps," the company continued.
The announcement comes as more companies utilize followers and influencers to drive action.
Even the Biden-Harris administration is making a continued push to get more young people vaccinated by leveraging social media and celebrity influencers.
RELATED: Olivia Rodrigo visits White House to record videos promoting COVID-19 vaccine
On Wednesday, pop singer and songwriter Olivia Rodrigo visited the White House to encourage young people to get the COVID-19 vaccine.
The "Drivers License" singer and multi-platform recording artist met with President Joe Biden and Dr. Anthony Fauci Wednesday, assisting in the administration’s efforts to get more youth vaccinated, as young adults have shown less urgency to get the shots.