Instagram is reportedly trying to lure TikTok creators to its new rival platform Reels by offering them cash.
According to people familiar with the matter cited by The Wall Street Journal, Reels will offer higher payments to creators who use the platform exclusively.
The platform is similar to TikTok in that it allows users to record 15 second videos and add music from its own library of sounds.
Once a recording has been created it can be shared via posts or Stories in Instagram.
The social media network will pay creators who do not submit to exclusively to launch their content on Reels first.
It appears that the company will also willingly cover production costs for videos on Reels – a move that mirrors TikTok’s launch of a creator fund of over $200 million.
It appears that parent Facebook is ramping up efforts to bolster its competitor products as TikTok not only faces restrictions in India but also the US.