TikTok Announces A $200 Million TikTok Creator Fund To Pay Creators On The Platform
Source: TikTok
TikTok announced the TikTok Creator Fund, a new $200 million initiative aimed at supporting and paying the top creators on its platform.
The ByteDance company announced the initiative via a blog post, penned by Vanessa Pappas, the G.M. of TikTok U.S. business.
"To further support our creators, we're launching the TikTok Creator Fund to encourage those who dream of using their voices and creativity to spark inspirational careers. The U.S. fund will start with $200 million to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content. The fund will be distributed over the coming year and is expected to grow over that time," Pappas said.
Eligible creators must be at least 18 years old, have a certain amount of followers, which has yet to be revealed, and consistently post original content that compliances with TikTok's Community Guidelines.
Creators who want to be part of the fund will be able to apply at the beginning of August.
The TikTok Creator Fund joins several smaller opportunities that the platform has launched to support creators including:
Creative Learning Fund - A initiative focused on bringing educators to the platform to create and share educational content
TikTok Live Streams - A live stream format that allows creators to earn virtual cash that can be redeemed for real money
TikTok Creator Marketplace - A marketplace for brands to discover and collaborate with creators on influencer marketing campaigns
Insights & Analysis:
The TikTok Creator Fund comes at a time when the popular platform is potentially facing a ban in the U.S. due to its ties with China.
Although there is still a lot to be known about the fund such as how creators will be paid, TikTok creators should be excited about the new initiative.
Many TikTok creators have leveraged their presence on the platform to generate funds through brand partnerships, merchandise lines, and other off-platform endorsements. The addition of the TikTok Creator Fund will now provide them with the opportunity to earn money directly from making videos on the platform.
With creator monetization being a trending topic in social media, the fund shouldn't be that much of a surprise.
Over the last six months, many social media platforms have made an effort to find ways to pay their creators and keep them and their audiences on their respective platforms. One example of this is Instagram launching new monetization tools for IGTV creators.
Due to the potential U.S. ban as well as a lack of significant monetization tools or features, TikTok creators recently started investing in other video platforms like YouTube and Byte. With the addition of the fund and a possible way to make a living, creators likely will stay committed to the platform and churn out even more content. By creators sharing more content, they ultimately will help keep users on the platform, which is the core goal of any social media platform.
In addition to putting money in creators’ pockets, the fund is likely a strategic move to get creators to help fight back against the potential ban.
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SOURCE: TikTok
