TikTok announced their $1 Billion U.S. Creator Fund this week, aimed at helping top creators in the U.S. supplement their earnings, and potentially coax the next Charli D’Amelio out of the woodwork.
Called the TikTok Creator Fund, the money is aimed at helping “eligible” creators on the platform earn a livelihood, it said. Eligible for now is defined as 18 years or older, meeting a certain (unspecified) 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 this month and distribute the capital over the coming year.
Vanessa Pappas, GM of TikTok’s U.S. business, said in a blog post that ByteDance is starting the Creator Fund at $200 million this year and plans to increase it to $1 Billion over the next three years.
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.
“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,” she said.
TikTok currently employs about 1,400 people in the U.S. and recently crossed the milestone of 2 billion installs globally. Last year, it said it had 26 million users in the U.S.
This is awesome! We Love TikTok!
Cox Media Group