Instagram Reportedly Offering Hundreds of Thousands of Dollars to Popular TikTok Users to Use Reels; App to Raise $200 Million, Creator Fund

Instagram allegedly offered thousands of dollars to lure high-profile TikTok creators into using its new service Reels.

This was based on a Wall Street Journal report published on Tuesday, July 28, as shared by Business Insider.

While the Journal did not mention the names of involved creators who had been approached by Facebook, but this shows a direct competition between ByteDance-owned TikTok and Facebook.

According to NBC News, Facebook will launch Instagram Reels, a short-form video platform in the United States, Japan, the United Kingdom, and other 50 countries in a matter of weeks or probably in August. Currently, it is already being tested in Brazil, India, Germany, and France.

Reels will be shown in Instagram's Stories and is seen as TikTok's direct rival. However, short videos are only limited to 15 seconds, while TikTok allows up to 60 seconds.

While TikTok gave Facebook a run with 2 billion downloads in April across the globe with a huge fan-base among the youth. However, Facebook eyes to snatch the throne again. And with the security woes that the U.S. government continuously build over the Chinese app, it would be easy.

According to the Search Engine Journal, the fund aims to support creators who seek "opportunities to foster a livelihood through their innovative content." TikTok hopes to encourage creative minds to use their voices and creativity to create valuable careers.

TikTok will begin accepting applications for the TikTok Creator Fund in August. To be eligible to join, users must be at least 18 years old, living in the U.S. with a huge army of followers, and post original content in accordance with community guidelines.

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