TikTok announces plans to give creators over $2B in the next 3 years as it goes head-to-head with Instagram and YouTube.
Pappas said the fund had been set up “to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.”
Owned by China’s ByteDance, TikTok has become wildly popular around the world, racking up over 2 billion downloads in less than four years, according to app tracker Sensor Tower. In a bid to compete more directly with TikTok, Instagram is due to launch a new feature called Reels, which is due to be rolled outin the U.S. early August after being tested in India, Brazil, France and Germany.
TikTok’s links to China are turning out to be problematic for the company, with countries raising concerns about the possibility of user data being passed to China’s ruling Communist Party. TikTok has repeatedly said it does not and will not do this.
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