In the first major monetization, TikTok paying creators from a fund of 200 million dollars. As the tiktok creators have grown there influence and enjoying the mainstream celebrity status. The company is trying to retain top tiktok content creators by paying them.
The fund is meant to support ambitious creators who are seeking opportunities to foster a livelihood on the app. A TikTok spokesperson said.
Before this, creators could monetize live streams. But now company will pay people directly for making videos. Creators will receive regular payments and the fund will grow over time. The company did not confirm if there’s a limit to how many creators will receive funding. TikTok also did not tell the payments schedule or how much creators will get.
TikTok paying creators!! Eligibility???
Creators who want to apply for funding must be 18 or older. Consistently post original videos, and create content that is consistent with TikTok’s community guidelines. A minimum follower count is also required, but TikTok did not state how many are needed. TikTok creators in the United States can apply for funding in August. The company is looking to expand the fund globally, but no word on when that will happen.
“Through the TikTok Creator Fund, our creators will be able to realize additional earnings that reflect the time, care, and dedication they put into creatively connecting with an audience that’s inspired by their ideas,” Vanessa Pappas, general manager of TikTok, said in a blog post.
Tiktok paying creators from dedicated funds, for the first time?
TikTok had a fund for creators in the past also. The company launched a $50 million Creative Learning Fund at the end of May for teachers on the platform. The Creator Fund, however, marks a significant moment for TikTok. Unlike YouTube, which allows creators with more than 1,000 subscribers and 4,000 hours of watch time over the last 12 months to run monetized ads. TikTok works more like Instagram. Creators can run sponsored videos on their channel, but there was no direct monetization program for creators.
TikTok improving the Youtube model
Pappas acknowledged, its creators are finding mainstream success both on and off the app, noting that top personalities have found brand partnerships, sponsorships, and representation deals with some of Hollywood’s biggest talent agencies.
Some creators, like Charli and Dixie D’Amelio, have also signed deals outside of TikTok. The company knows its creators are dealing outside the platform, but TikTok also wants to keep them around for as long as possible.
This also helps TikTok out in a few ways. By choosing who receives funding, TikTok wants to avoid situations that YouTube has found itself in. With controversial, problematic, and downright offensive creators earning money.
Problems with the United State’s Government
The fund could also help the company in its ongoing problems with the US government. TikTok has spent months trying to make itself a more American company, with an office in US, and an American CEO. The company also plans to hire 10,000 people in the USA. A $200 million creators fund is another way that TikTok wants to show its commitment to the US.
Regardless of why TikTok is introducing the fund now, the point is that TikTok wants to pay creators directly for their contributions to the app. The app has grown impressively over the last year. Creators can learn more about eligibility factors next month.
How to earn money on TikTok?
Until TikTok’s monetary fund develops further. The easiest way for TikTok influencers to earn money is by making direct deals with brands. As people increase their influence on the platform, they will begin to have brands approach them with business promotion offers. Once you achieve your followers in the thousands, you can start to earn money on TikTok. Companies have been known to pay $200 to $20,000 per sponsored video promoted by influencers, depending on the number of followers.
The ways influencers can earn money on TikTok are:
- Brand promotions in videos (influencer marketing). Either directly or indirectly (unboxing video or wearing a brand’s clothes in your videos)
- Cross-promoting your personal brand on other platforms. e.g., if you make a good income from YouTube you can use your TikTok channel to bring viewers to your YouTube channel
- Using your TikTok videos to advertise products you are selling on your website
- Create live streams and receive tips from your followers