Facebook takes aim at TikTok by letting users earn money off minute-long videos

Facebook announced plans to help creators further monetize their content on Thursday

The product update allows creators to earn money off minute-long videos and live stream events, as well as opening up ad opportunities for more users.

Facebook's update could be an attempt to compete with TikTok on short form videos. Yoav Arnstein, Facebook's director of app monetization, said the company is looking to further empower creators that generate short-form and live videos.

The social-media company's new ad program gives Facebook creators an easier way to generate money off their videos and makes the app more competitive with the revenue creators can generate on TikTok.

On TikTok, influencers can monetize their views through the app's Creator's Fund. Members of the fund must have at least 10,000 followers and views within 30 days of applying. Through the program, influencers generate about 2-4 cents per 1,000 views, according to the media site Tubefilter Most TikTokers with enough views or followers to generate paying opportunities make a majority of their money off brand deals, which generate between $200 to $20,000, Tubefilter reports

Facebook's ad campaigns generate an average of $8.75 per 1,000 views, according to the social media exminer Tubefilter found Facebook creator revenue fluctuated in 2020, with some influencers generating millions of dollars off the site, while others with millions of views received little to no pay out.