Instagram is reportedly offering financial incentives to some popular TikTok creators in a bid to make them use Reels, a video-music remix feature that the Facebook-owned platform plans to unveil next month in the US, The Wall Street Journal reported on Tuesday.
Some of the top creators could receive offers worth hundreds of thousands of dollars to use Reels which offers TikTok-like functionalities, said the report, citing sources.
According to a report in TechCrunch, Instagram is now aiming to bring Reels first in the US and followed by 50 other markets in early August. TikTok is also making some efforts to keep its creators on the platform.
The US fund will start with $200 million to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content," Vanessa Pappas, General Manager, TikTok US, said in a blog post.
