It's a good time to be a popular TikTok creator. All the short-form video social media platforms are doing their best to lure in big names and their legions of followers onto their platforms. Triller just nabbed some of TikTok's most popular creators (with a combined following of almost 50 million) by offering them leadership roles and bringing them on as investors and equity shareholders. Instagram is expected to test its own version of TikTok, Reels, and there is talk that Facebook is offering key TikTokers up to hundreds of thousands of dollars to join its platform.
Amid this week's tech antitrust hearings, TikTok's CEO Kevin Mayer announced in a blog post that the $200 million Creator Fund will grow to $1 billion over the next three years. With talks of bans, the competition between TikTok and its competitors is growing fiercer — Facebook's Reels, YouTube's Shorts, former Vine creator's Byte, and Triller are making it rain on creators in the hopes of securing their followings.
This story was originally published on July 24, 2020.
The future of TikTok is hanging in the balance. In a year's time, it might have new owners, new features, or it might not even exist at all. That's 2020 for ya. However, despite all the uncertainty, TikTok is moving ahead with its projects, including the $200 million creator fund aimed at helping creators make careers out of their following.
The platform is working on finding ways to redistribute the wealth and the fund is only the beginning. The U.S.-based fund was created to "help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content."
We are so excited to announce the $200 million TikTok Creator Fund, a fund to encourage those who dream of using their voices and creativity to spark inspirational careers!— TikTok Creators (@tiktokcreators) July 23, 2020
Read more: https://t.co/qArn4Lbyfj pic.twitter.com/8Z2yf3Muhs
TikTok's Creator Fund is an offshoot of Tiktok's $50 million Creative Learning Fund, which rewards teachers on the platform. Creators over 18 can also make money by doing live streams or through the Creator Marketplace, which connects creators with brands looking to collaborate. The $200 million fund will be distributed throughout the year in regular payments to various creators, and it will be continuously grown to ensure long-term support for creators.
Qualifying creators are at least 18 years old, consistently post content that abides by TikTok's community guidelines, and meets a baseline follower count. Applications will open in August.
If Dixie and Charli D'Amelio's Morphe 2 deal or Addison Rae's Spotify podcast are any indications, the key to financial TikTok success is to have a lot of followers. Beyond that, your options are limited to partnering with brands or promoting products for a commission. Unlike YouTube, TikTok doesn't offer a commission from ad dollars.