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Instagram now offering money to creators posting to their Reels to compete with TikTok

If you are a content creator, Instagram is throwing money at people like you to make and post videos to its TikTok look-alike, Reels. Reports have come in of the Facebook-owned photo and video-based social media offering massive sums of money to Instagram accounts with lots of followers.

This move was expected since Meta (formerly known as Facebook) announced it would hand out $1 billion to creators before the end of 2022.

The amount offered by Instagram varies, with at least one account reporting being offered $35,000 for almost 60 million views in a month. Business Insider reported that Instagram stars Sam and Cori Werell got a similar amount to post videos to their Reels account.

Nearer the lower end, creators with smaller followings are getting $1,000, with a creator having about 50,000 followers confirming some of her colleagues got between $600 and $800 to post their own videos.

It appears Instagram is yet to establish a definite scale for determining how much creators get, as at least one account with 24,000 followers got an offer of $8,500 for garnering more than nine million views.

Another angle is Instagram is using other metrics to determine how much creators get, rather than basing their calculations on the number of followers. For example, it is possible that Instagram considers how much time people spend on each video or uses different reward programs based on markets or locations.

Whichever is the case, the payment-for-video program is still young, and the social media giant is still testing out different formats. According to a release from the company, “We’re continuing to test payments as we roll out to more creators, and expect them to fluctuate while we’re still getting started.”

If Instagram wants to prevent resentment among creators for getting varying amounts of money, it might want to be more transparent in how it calculates the payouts.

Instagram is not the first company to try luring content creators with the promise of money as social media giants try to compete with TikTok. Earlier in August, YouTube revealed it would pay out up to $10,000 for the most viewed videos per month. Similarly, Snapchat started offering between $1,000 and $25,000 to reward its users taking part in its Spotlight Challenges.

There is little doubt that all the social media platforms are going after TikTok, given the fact that they are rewarding creators for short videos, something that is the cornerstone of TikTok’s existence. The Bytedance owned social media announced it has amassed more than one billion monthly active users (MAUs). This growth is despite having a tumultuous year in 2020 when it came close to being banned in the US during the run-up to the presidential election.

In a related development, Instagram has added more effects to its Reels feature to better compete with TikTok. Creators will be able to use text-to-speech and some voice effects in their videos now. Even though these features have been present on TikTok for a while, content creators will now be able to express themselves more creatively in their Reels videos.

Adding text to videos is easy on Instagram Reels, as all you have to do is tap on the text bubble and select “text-to-speech.” You can then select the voice option you want. The remaining part of the process of posting a Reels video remains unchanged.

Voice effects work after the fact, as you add them after recording your Reels video. You can select from voice options like ‘giant,’ ‘robot,’ etc.

An option like text-to-speech allows blind or visually-impaired Reels users to know what is written on the screen, increasing their accessibility.

Instagram launched Reels in 2019 as an answer to the increasing popularity of TikTok. However, TikTok has not been sitting idle as it has extended its own text-to-speech feature with specialized character voices, including characters from Disney, such as Stitch, Rocket Raccoon, and Chewbacca.

What do you think?

Written by HackerVibes

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