Instagram wants to bag some of TikTok’s biggest creators by offering them up to $35,000 to make Instagram Reels.
The move comes as IG looks to take on the massive platform, which just celebrated one billion monthly users. The Instagram Reels are similar to TikTok videos, as they are short and easily edited. They recently added TikTok-like features to Reels, including text-to-speech and voice effect tools.
In July, Instagram began offering bonuses for Reels as a part of Facebook’s $1 billion creator investment through 2022. Users have a chance to earn a cash payout simply for posting engaging content. Payments can vary, but at the time of its launch, bonuses of $500 were being paid out for 20,000 Reel views.
TikTok has grown in popularity in the past few years, and becoming a “TikToker” is now a lucrative career. TikTokers with one million followers can expect to be paid between $1,000 and $30,000 monthly potentially.
Instagram says they are still working out the kinks and guidelines for how much creators will make per Reel. They confirmed to TechCrunch that they expect payment amounts to “fluctuate” for a bit.
YouTube and Snapchat are also offering similar incentives for creators to participate in their short videos that rival TikTok.
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