Benzinga | Nov 19, 2021 01:14PM EST

Facebook Flexes Financial Muscle To Break Into Live Audio Market

* Facebook rebranded Meta Platforms Inc (NASDAQ:FB) is offering musicians and celebrities payments to host Live Audio Rooms, the Information reports.

* In recent weeks, the production companies working for Facebook, owned by Meta (MVRS), have contacted music artists and social media stars offering payment packages to host Facebook Live Audio Rooms.

* The packages ranged from hundreds of thousands of dollars over several sessions that have exceeded the amount paid by rival social audio app Clubhouse.

* Related Content: Facebook, Instagram To Pay Content Creators $1B Through 2022 Amid Rising Competition From TikTok, YouTube

* Price Action: FB shares traded higher by 3.03% at $348.93 in the market session on the last check Friday.