Facebook said it would pay more than $1 billion to content creators on its social networks by end of 2022 in a fight for the top talent race, TikTok has more than 3 billion downloads across the world. Facebook's investments will upon content creators who will work for the betterment of the apps, including photo-sharing service Instagram, and fund users to produce content, the company said.

Facebook CEO Mark Zuckerberg also shared the news on his feed on the social media platform. He wrote, “We want to build the best platforms for millions of creators to make a living, so we're creating new programs to invest over $1 billion (roughly Rs. 7,450 crores) to reward creators for the great content they create on Facebook and Instagram through 2022. Investing in creators isn't new for us, but I'm excited to expand this work overtime. More details soon.”

The social media giant is opening its wallet to attract major fan followings from platforms like Alphabet's YouTube and the short video app TikTok.

Greece: Tourism not contributing to surge of COVID-19 infections, says Minister

FBI failed to investigate USA Gymnastics abuser

Britney Spears can hire own lawyer in conservatorship case, judge rules