TikTok Launch $200 Million ‘Creator Fund’ for Content
August 1, 2020
Article Overview10min read
TikTok is unarguably one of the fastest growing social media platforms of all time. So it is not surprising, that marketers are drawn to TikTok.
TikTok announced launching a $200 million ‘Creator Fund’ to encourage those who dream of using their voices and creativity to spark inspirational careers in its platform.
According to the analytics platform Sensor Tower, TikTok, owned by China’s ByteDance, had crossed the 2 billion global download threshold in April with 26 million users in the US (last year).
Rooted in creativity, the video-sharing social media app recently has been in the US government’s attention over concerns on how the company handles user data and its ties to the Chinese government. As a response towards it, TikTok has been trying to present a friendlier face to the US, by pledging to add 10,000 more staff in the US. The company also announced the launch of the US TikTok Creator fund.
With the launch of this fund, for the first time, the fast-growing video-sharing app is paying creators or its users for producing video content. The fund will be circulated among eligible US TikTok users over the coming year – during which time it is expected to grow to be worth more than $200 million. Vanessa Pappas, general manager of TikTok US says,” The fund will help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.”
‘Creator Fund’ Eligibility Criteria
Starting from this month, the TikTok Creator Fund will begin taking applications from US creators, who must meet some eligibility criteria, such as
1. Be at least 18 years old
2. Live in the United States
3. Meet a baseline for followers
4. Consistently post original content in line with TikTok’s Community Guidelines
If you are eligible, then TikTok will provide you with regular payments for posting content on its platform.
However, from the official announcement, the eligibility criteria are relatively vague. It fails to explain certain factors such as what’s considered as a “baseline” for followers, what posting “consistently” means, or how original the content needs to be. Also, details of the application process and how much individuals can earn are yet to be revealed. All they have said is that the TikTok creator fund is aimed to help and support ambitious creators who are seeking opportunities by dedicating their time and effort into fostering an engaged community with regular uploads.
Let’s expect TikTok will bring more information regarding this when the applications open.
Few Other Monetary Opportunities Provided By TikTok
In addition to Creator Fund, TikTok also has some ongoing commitment for supporting their creators through monetary opportunities, which includes:
1. Creative Learning Fund: A $50 million fund that introduces emerging teachers to the platform. It also has benefitted over 1,000 US TikTok Users who’ve been affected by the global pandemic.
2. TikTok LIVE streams: It helps to make earnings opportunities to hundreds of thousands of US creators over the age of 18 who host live programs for their audience.
3. TikTok Creator Marketplace: It helps brands find out and partner with innovative creators to collaborate on paid campaigns that would drive awareness and attract new customers.
Vanessa concludes by saying that, “In a relatively short time, TikTok has grown to become a source of income and opportunity for creators and their families – and we couldn’t be more encouraged by their success.”
Hope this ‘Creator Fund’ will be a successful move for TikTok in the US.