Facebook, which is slowly rolling out Instagram Reels that is modeled on TikTok's short-form video platform, is reportedly rying to lure the big stars in the TikTok stable through lucrative contracts.
According to a report in the Wall Street Journal, Instagram has made lucrative offers to some of TikTok’s most popular creators to use the new service, Reels. The potential payments for some would be in hundreds of thousands of dollars.
Instagram Reels, which is currently available in India, Brazil, France, and Germany, is shortly to be extended more regions in August.
Instagram Reels is yet another way to share short videos on the platform. It allows users to record and also edit a short video. The time is, however, capped at 15 seconds. It allows users to add multi-clip videos with audio, effects and new tools on Reels. Just like other Instagram posts, users can share them with their followers on Feed. It can be accessed the Reels on the Explore page of the app.
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The offer from Instagram is reportedly very attractive. As the Wall Street Journal's report said: "A popular teenage TikTok user with millions of followers said that he would likely join Instagram Reels after the company reached out earlier this month. He declined to discuss the details of the call, saying that the company wanted him to be discreet."
Facebook, the owner of Instagram, understands the potential of influencers and also the fact that any platform wanting to become a cultural force needs to have a financial model for its big users.
Though TikTok has its Creator Marketplace, the system is still far from evolved for influencers to monetize their work. Vine, an one-time short-video platform leader, just waned away due to the fact thaere was no real plan to help its major players to make money out of it. Reel admittedly wants to avoid that pitfall.
TikTok is reportedly releasing quite a corpus from its funds to prevent its influencers from switching ranks. But if the app itself is banned, its plans may go awry.
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Over three decades as a journalist covering current affairs, politics, sports and now technology. Former Editor of News Today, writer of humour columns across publications and a hardcore cricket and cinema enthusiast. He writes about technology trends and suggest movies and shows to watch on OTT platforms.