July 28, 2020
In recent years short form video app Tick tack has become the central center for the young, ambitious creators of the world. It attracts big record labels, Hollywood talent agencies and luxury fashion brands Charli and Dixie D’Amelio and Addison Rae introduced the mainstream mainly because of their TikTok fame. Fast forward to today under a new CEO, the former Disney manager Kevin MayerThe platform wants to help more leading developers in their community make a living from their innovative content.
The TikTok Creator Fund
TikTok differs from its competitor YouTube and does not offer any commission for advertising dollars. The model mimicked that of Instagram in the sense that it offered monetization for live streams and that creators were allowed to play sponsored videos on their channels, but there was no direct and ongoing monetization program. Until now.
In its first official decision to pay its creators directly, the social app unveiled a 200 million “Creator Fund” that will be officially open to US creators next month. To be eligible, users must be at least 18 years old (sorry, Charli), meet a “baseline for followers” and publish content in accordance with the app's community guidelines. The grants will be distributed next year. According to TikTok, the fund will continue to grow during this period. There are currently few details about how many creators receive funding, how often payments are made, or how much creators are expected to earn.
"With the TikTok Creator Fund, our developers can generate additional revenue that reflects the time, care and dedication they put into connecting creatively with an audience inspired by their ideas," said Vanessa Pappas, General Manager of TikTok US in the official announcement.
A continuing push for monetization
For those who stay on top of things, this is not the first time that TikTok is looking for ways to fund developers on the platform. The company, owned by ByteDance, also enables viewer donations to be collected during live streams. It also became a $ 50 million "Creative learning fund"To more than 1,000 teachers who were financially affected by the global pandemic. After all, TikToks is “Creator Marketplace”Facilitates collaboration between brands and developers on paid campaigns aimed at raising awareness and attracting new customers.
“In a relatively short space of time, TikTok has developed into a source of income and opportunity for creators and their families – and we couldn't be encouraged by their success. As our community continues to thrive, we are committed to helping our creators create more ways to make a living by encouraging joy and creativity, ”added Pappas.
Promotion of loyalty to creators
While we've seen the D & # 39; Amelio sisters sign up with United Talent Agency and Addison with WME, it's clear that the developers won't stay with TikTok forever. Nevertheless, the platform strives to keep it as long as possible. When creators are financially supported by both passion for what they share and their time and effort, they are often forced to post, which ultimately forms the platform.
What is there to take away? Regardless of whether this plan ultimately works for TikTok, they will look for opportunities elsewhere if there is no real, meaningful way to support top developers. Other platforms that take this to heart are Facebook's Instagram, which has released IGTV ads and badges for Live. In these uncertain times, this is truer than ever, and for platforms to survive, they need to use this moment to think about those and focus on those who do business.
Join over 100,000 other marketers expanding their skills and knowledge by subscribing to our weekly newsletter.