TikTok announced a $200 million fund to support ambitious creators who are seeking to turn content creation into their livelihoods.
TikTok Creator Fund, the money is aimed at helping eligible creators on the platform earn a livelihood. Eligible for now is defined as 18 years or older, meeting a certain baseline for followers and consistently posting original content that is in line with TikTok’s community guidelines. The platform will begin accepting applications from U.S based creators starting next month and distribute the capital over the coming year.
The Fund will be distributed to creators in regular payments over the coming year and the amount of the fund is expected to grow over that time.TikTok Statement
Applications for the Creator Fund will be available to all U.S. creators beginning next month for eligible content creators. It is unclear how many creators will be receiving funding, how TikTok will be choosing recipients, and what else the application process will entail.
Vanessa Pappas, GM of TikTok’s U.S. business, said in a blog post that ByteDance is starting the Creator Fund at $200 million and plans to increase it over time. She did not disclose how TikTok would decide what sum would be paid to an individual creator, and whether there would be any additional conditions to getting a payout. We have asked about this and how many followers creators might need to have to be eligible, and will update as we learn more.
Through the TikTok Creator Fund, our creators will be able to realize additional earnings that reflect the time, care, and dedication they put into creatively connecting with an audience that’s inspired by their ideas.Vanessa Pappas – TikTok General Manager
TikTok already helps its creators sign brand partnerships and sponsorship deals, and it provides monetization for live-streams. The platform also has a $50 million Creative Learning Fund to introduce teachers to the platform, which has been used by some 1,000 teachers in the U.S. already. And a Creator Marketplace connects brands to creators to collaborate on paid campaigns.
Source: Tech Crunch