TikTok has created a $200 million (about Sh20 billion) fund that will go towards rewarding content creators on the platform.
The fund is meant to support ambitious creators who are seeking opportunities to foster a livelihood” on the app, Vanessa Pappas, General Manager, TikTok the US said in a statement on their website.
The short video making app, which has grown in popularity while churning out new celebrities, is making its first major effort to pay creators directly for their content.
Before this move, creators could monetise livestreams, but the new programme will pay people directly for making videos.
TikTok creators are set to receive regular payments over the coming year, as the fund keeps growing.
However, the company has not given a limit on when creators will stop earning or how much payment they will be given.
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.
Creators in the United States can start applying for the funding in August with the company looking to expand the payments globally in due time.
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.
