TikTok is launching a $200 million “creator fund” for US users over the approaching year, Tiktok announced last week.
TikTok is taking the primary steps to pay users for content with the launch of a $200 million “creator fund.”
The fund is distributed to US users over the approaching year, during the period, it’s expected to grow to be worth quite $200 million.
“To further support our creators, we’re launching the TikTok Creator Fund to encourage those that dream of using their voices and creativity to spark inspirational careers. 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. As our community continues to flourish, we’re committed to fostering even more ways for our creators to earn livelihoods by inspiring joy and creativity. The US fund will start with $200 million to assist support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.”, said Tiktok General Manager.
The TikTok Content Creator Fund will go on the floors by August through an open application process.
TikTok Creator Fund Application Selection Eligibility Criteria
In order to be eligible for the fund, creators must meet the following criteria:
Be a minimum of 18 years old
Live in the United States of America
Meet a baseline for followers
Post original content on a consistent basis and also not violate the community guidelines
The eligibility criteria are comparatively vague now. Hopefully, this knowledge gap on the criteria will be solved before the applications roll out in August. For instance, there’s not yet an explanation at what number is a “baseline” for followers.
There’s also no clarity on what posting “consistently” means and the originality of the content.
Many of the viral videos on TikTok contains licensed music or copyrighted voice clips.
Would that content not be considered original while it represents most of what gets published to TikTok?
To that end, the foremost vital question yet to be answered is the type of content TikTok is looking to fund?
Other than meeting eligibility criteria, it’s not known how TikTok will conceive to fund one creator over another.
From the sounds of it, TikTok is looking to fund ambitious creators who put time and energy into fostering an engaged community with regular uploads.
“Through the TikTok Creator Fund, our creators are going to be ready to realize additional earnings that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas.”
Again, it can only be presumed but given the circumstances, it is likely that more information is going to be made available when applications open.
TikTok highlights additional efforts it has taken to Fund Creators
Creative Learning Fund: A fund of $50 million that introduces emerging teachers to Tiktok.
TikTok Live Streams: This feature will help create earning opportunities for many people who host live streams and receive money from their audience.
TikTok Creator Marketplace: This helps brands discover and partner with innovative users to collaborate on paid campaigns.
It can be said that TikTok isn’t making all the efforts to fund US creators because it has not really given the history and the ratio of highly followed users.
Although it’s the fastest growing social network within the US, TikTok has been comparatively slow to introduce ways for creators to monetize their content.
The Creator Fund could also be a step in the right direction. Time will tell what percentage users get accepted and what are they paid.