Whether you’re the next TikTok wunderkind, or a very niche hobbyist, there are several ways to get paid on TikTok. Do you want to make videos? Be prepared to work hard. (TL;DR: Start getting some followers).
TikTok’s Creator Fund was launched in August 2020. It is a 200 million dollar initiative which it expects to grow to $1Billion over three years. According to TikTok, the fund’s purpose is to “support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.” In other words, TikTok will give you money for the videos you create.
Top influencers have reported receiving between two and four cents per 1,000 views. Creators who have a lot of views are likely to make a good living. For example, TikTok’s favorite plastic surgeon Anthony Youn (@tonyounmd) got 1.5 million views for a video denouncing DIY toe surgery (don’t watch if you have a weak stomach). We estimate that he earned between $45,000 to $60,000.
You must already be gaining traction to apply for the Creator Fund. To be eligible for the Creator Fund, you must have at most 10,000 followers and have had at least 100,000 views of your videos in the past 30 days. You must also be at least 18 years old and based in the U.S.A, UK, Germany and Italy. The fund may be available to you in Spain.
TikTok doesn’t explain how funds are calculated. They cite a “number” of factors, including engagement and page views. According to Wired and VICE, some creators claim they are only making half of the amount they had hoped to make.
You can still apply for funding if you aren’t discouraged by the reports you have read and you satisfy all requirements. In the upper right-hand corner, tap “Settings and Privacy” and then “Creator Tools”. Then, click on the ‘TikTok creator fund’ button. If you qualify to apply, the application basically consists of entering your contact information, and agreeing to the terms of the TikTok Creator Fund Agreement.
After being accepted, you will be able to access your dashboard and make withdrawals via PayPal or Zelle. The dashboard will show funds three days after your views have been counted. You can also withdraw money within 30 days of your month-end video posting.
TikTok’s creator marketplace is where brands can connect with creators to create paid campaigns and sponsorship opportunities. The marketplace allows brands to search by age, country and topic for potential creators. Reach out to them directly to discuss paid collaborations.
Credit by tiktok
TikTok is currently in the trial stage of The Creator Marketplace and has not shared any information about who may be eligible. The website states that any eligible creators “may be invited or applied for membership.” It sounds as though the Creator Marketplace is very exclusive right now. TikTok claims it will “expand the invitations overtime.”
Next, you will need to create your marketplace creator account. Go to Settings and Privacy and then click on ‘Creator Tools’ and then the ‘TikTok Creator Market’ tab.
You can also edit your profile and choose the rates to be featured in sponsored videos.
You will receive an email notification from a brand inviting you to join their campaign. The contract and the campaign details will be sent directly to your inbox. You can accept or decline the invitation to discuss details about the campaign via the marketplace tool. This includes the concept, video-making techniques, brand’s look and feel, clothing, location, etc. Before you are able to make what is basically a commercial. TikTok does not currently allow for such transactions, so you will need to arrange payment outside the app.
Although it is not as profitable as brand collaborations, hosting livestreams can make you money. However, the road to actual cash flow is long. TikTok LIVE streams allow users to purchase virtual coins that can then be used for virtual gifts. The gifts are then converted to diamonds which can be used as funds for creators.
TikTok does not publicly disclose the exact value of diamonds. Users have discovered the value of a diamond for themselves, however. You can find helpful information here and here. But, what is most important? One diamond equals approximately 5 cents. Creators make approximately $5 for 100 diamonds. This is $2.50 after TikTok gets its share.
LIVE Gifting is restricted, just like the Creator Marketplace and Creator Fund. You must be at least 16 years old to host a livestream. You must also be 18 to receive gift certificates in connection with your stream.
Users can instantly send gifts to you when you are live. A summary of all gifts received will be displayed at the end. Tap ‘Balance” under “Settings and Privacy”, then tap LIVE Gifts’ to see the number of diamonds earned and how much money you can withdraw.
TikTok offers other ways you can get paid
You’ll have realized that you will need to get a large number of followers to make money on TikTok. There are many other methods to make money that do not require you using TikTok’s tools for monetization. While you will still have to demonstrate brands that your influence is substantial, this means you do not need to have a certain number of followers in order to begin hustling.
Influencer Marketing: Building a following means people listen and trust you, regardless of how small. Brands want to collaborate with those who are influential. You can also connect directly with companies via TikTok’s Creator Marketplace for product reviews, account takeovers and product mentions. Just make sure you’re being transparent about your relationships with brands and disclosing when there’s financial incentive.
Selling your own merch: You’ll need a lot of followers to make real money doing this, but since TikTok’s announced that creators can soon sell products within the app via Teespring, ecommerce is expected to play a big role on the app. Although Teespring isn’t available yet to everyone, you can already sell merchandise through your profile by linking to any third-party selling app, like Shopify and Magento.
You’re now ready to share your TikTok knowledge with the world. So go ahead, and show us your best white girl dance.
Publited at Sun, 15 August 2021 11:31:31 +0000