TikTok is finally going to start paying its most influential creators directly.
The app announced that it has started a $200 million “Creator Fund” to support “ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.” In a statement released Thursday, TikTok said the fund is for U.S.-based creators only.
TikTok has fostered the rise of major influencers like the D’Amelio sisters, members of the Hype House, and more. But until now TikTok creators had to monetize their content themselves. Creators could only earn money off their content through partnerships with third-party brands. Whereas YouTube directly pays its creators a cut of ad revenue.
“Through the TikTok Creator Fund, our creators will be able 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,” TikTok continued in their statement. “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.”
To apply for the fund, creators have to be 18 years old or older, meet a baseline for followers, and “consistently post original content” in line with TikTok’s Community Guidelines. Applications will open in August.
The Creator Fund seems to address complaints about monetization from TikTok stars and is no doubt an effort to keep the video-sharing app competitive in a very crowded field.
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