Facebook’s Instagram may be looking to pay cold, hard cash to lure popular TikTok creators to its new rival short-form-video service, Reels.
That’s according to The Wall Street Journal, which on Tuesday, July 28, cited unnamed sources as saying that Instagram was in some cases offering hundreds of thousands of dollars to try to persuade high-profile TikTok creators to use Reels.
The Journal didn’t name particular creators who had been approached, but described it as a direct escalation in competition between Facebook and the ByteDance-owned TikTok.
The move is the most significant sign yet that Facebook intends for its Instagram Reels service to directly compete with ByteDance’s TikTok. Reels is an Instagram feature that, like TikTok, allows users to share short-form video, and is scheduled to launch in the US and several other countries next month.
Full Content: Wall Street Journal