TikTok, through its newly-launched “Creator Fund” will pay its content creators up to two billion USD in the following three years. Through such monetary incentives, it is attempting to go further toe-to-toe with the likes of Instagram and YouTube that offer similar video-based content.
Vanessa Pappas, TikTok US’ General Manager, announced the move in a blog post.
TikTok announces launch of "Creator Fund"
“TikTok is a platform rooted in creativity. While the past few months have been challenging for many, we've been awed by the outpouring of empathy, humor, and truly uplifting content from our users.
We love seeing community form on TikTok in uniquely expressive ways. The growth of relatable content, and the entertaining and refreshing experience on the app, is a direct testament to the spirit and creativity of our talented creators,” she said.
“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 US 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”. Through the Creator Fund, TikTok’s creators in the United States will receive $1 billion in the following three years while its creators in Europe will receive $70 million in the forthcoming year, and about $3 billion in the following three years.
Global TikTok creators are expected to receive twice as much as US’ funding over the course of the following three years. TikTok users above the age of 18 are eligible to receive this funding. They will, however, need to submit an application to avail the same.
“To be eligible, users must be 18 years or older, meet a baseline for followers, and consistently post original content in line with our Community Guidelines. The TikTok Creator Fund will open to applications from US creators beginning in August,” Pappas noted in her blog post.
Despite its soaring popularity, there have been misgivings about TikTok. One of the biggest reasons for scepticism about the app is security concerns since it is owned by Chinese company Byte Dance. Recently, TikTok was one of the many apps, owned by Chinese companies, banned by India after border conflicts between the two Asian countries.