Why it matters: Facebook is hoping a big pile of money will be incentive enough to keep creators on its platforms and lure others from competing services like Twitch, TikTok and YouTube. New bonus programs are available immediately and more will be added by the end of the year, we're told.

CEO Mark Zuckerberg said in a recent Facebook post that they want to build the best platforms for creators to make a living, so they're setting aside over $1 billion to "reward creators for great content they create on Facebook and Instagram through 2022."

Facebook is no stranger to paying for content. The social networking giant made a big push last year with record labels to bring music videos directly to its platform, and launched the Facebook Gaming app to better compete with YouTube Gaming and Twitch.

Facebook in a separate news release said the new program will reward creators of all types, especially those who are just starting out. It'll specifically include new bonus programs that pay eligible creators for hitting certain milestones when using the company's creative and monetization tools. These will be seasonal, evolving and expanding over time, with the first opportunities available now (by invitation).

Facebook will also provide seed money to help others produce their content.

Interested parties are encouraged to visit the monetization tools section on Facebook for Creators to learn more and to sign up.

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