It is common knowledge that whenever Facebook cannot buy a competitor, it takes the battle up a notch.
The social media Giant is allegedly offering TikTok creators and influencers very lucrative offers in an attempt to get them to move to its Reels app or at the very least, make it their top priority and first choice.
Attached to the lucrative offers is the request that the TikTok creators sign NDA (Non Disclosure Agreements) to keep the details of the offers secret. Facebook will also be covering the production costs for the videos created by the influencers and content creators.
The social media platform is reportedly offering hundreds of thousands of US dollars to TikTok creators with the most followers, with the added incentive of paying more money to those who decide to post their content exclusively on Facebook’s Reels platform.
A spokesperson for Facebook said to Forbes that, “we have a long history of reaching out to emerging creators and working to break new stars on Instagram.”
In response TikTok which is owned by China based multinational internet technology company; ByteDance, has launched a 2 billion US dollar fund intended for distribution to all its creators across the globe, over a period of three (3) years.
According to data by Sensor Tower in April 2020, TikTok crossed the two (2) billion downloads mark. As of May 2020 its parent company was worth 100 billion US dollars.
statistica.com puts the total number of TikTok users in the United States at 45.4 million and estimates that the figure could potentially grow to 60.3 million users by 2024. Sadly TikTok is however being hit from all sides with accusations.
The US for example has accused the company of privacy and security violations and sharing user data with the Chinese government. TikTok has denied several times and stated that protecting the privacy of its users’ data is a critical priority.
India has also banned WeChat, TikTok, as well as other Chinese owned applications.
TikTok in a move to clear the air, appears to be distancing and gradually separating itself from China. The company hired an American Chief Executive Officer (CEO) (Kevin Mayer who is also an executive at Disney) in May 2020. In July 2020, it also committed to hiring 10,000 US employees in the course of the next three (3) years.
TikTok’s parent company ByteDance in addition, is reportedly looking to move its headquarters out of China and wants to hire a new management board.
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