Facebook and Instagram will invest over $1 billion in content creators

FILE PHOTO: Facebook app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Facebook Inc will spend $1 billion on social media creators through the end of 2022 in a fight for top talent announced in a week when TikTok became the first rival mobile app to hit 3 billion global downloads.

Facebook's investments will include bonus programs to pay creators who hit certain milestones on its apps, including photo-sharing service Instagram, and fund users to produce content, the company said.