LA Tech Updates: Peacock Hits 10 Million Users; TikTok's $2 Billion Creator Fund Goes After Instagram, Youtube

Peacock hits 10 million users 

NBCUniversal's new streaming service Peacock has hit 10 million users three months after its debut. The figure represents both new members who joined since July 15 when it launched for the general public and users who signed up in April when the platform opened exclusively to Comcast play TV customers.

NBCUniversal is the latest to join the so-called streaming wars. Unlike some competitors, Peacock offers a free tier subscription for members to watch most content with ads. Last week, it rolled out a "Roll to Tokyo" channel dedicated to the 2021 Summer Olympics as one way to attract subscribers.

Comcast Corp. reported the figures on Thursday during their second quarter earnings and it was a bright spot for the company.

"Across the board, we're better than expectations," NBCUniversal CEO Jeff Shell told investors during their call. "We didn't expect this many sign-ups, we didn't expect people to come back as frequently as they're coming back and we didn't expect people to watch as long as they're watching once they come back."

Executives have said their goal is to gain 30 million to 35 million users and $2.5 billion in revenue by 2024.

TikTok Promises $2 Billion for Creators Over 3 Years as Rivalry with Facebook Heats Up

TikTok announced it'll pay creators almost $2 billion over the next three years to support their careers online, a move that marks territory as rival Instagram's prepares to join the space with its service Reels.

The Culver City-based company launched the TikTok Creator Fund last week to "encourage those who dream of using their voices and creativity to spark inspiration careers," TikTok General Manager Vanessa Pappas wrote in a blog post.

The fund, which was originally set at $200 million before Thursday's update, will start accepting applications from U.S. creators in August.

It's a signal that CEO Kevin Mayer has ratcheted up their efforts to take on competitors like YouTube and Instagram. On Wednesday he called Reels by Instagram, a Facebook owned company, a "copycat product."