Tiktok is expanding opportunities for creatures to generate revenue through the actual Tiktok app. Most creators originally generated money through securing deals and sponsorships outside of the app. However, in 2020 Tiktok started its $200 million dollar creator fund, which rewards popular creators on the app. With CreatorNext, it is “where eligible creators can easily unlock new and existing tools to be rewarded for their creativity on TikTok.” according to a statement by the company.
To be eligible to use the tools that come with CreatorNext, a user needs to be 18+, based in the US, UK, Germany, France, Italy, or Spain, have at least 3 posts in the last 30 days, have at least 1,000 video views in the last 30 days and meet a minimum follower requirement depending on the region.
The tools available include the Tiktok Creator Fund, Tiktok Creator Marketplace (TTCM), LIVE gifts, Video gifts, and Tips. TTCM is an in-app platform to connect brands and sponsors with creators for partnerships. This gives the company more leverage as a middle man for deals that would normally occur outside of the app. With LIVE gifts, TikTok awards ‘diamonds’ to creators with popular LIVE videos, and it is based on gifts given by live viewers. These ‘diamonds’ can be converted into money by the creator. Video gifts are similar but based on short video views instead of LIVE ones. Finally, Tips allow creators to receive tips from viewers who want to show their support.
Overall, the implementation of these aspects shows that being a “content creator” as a job, where part or full-time, is becoming a more concrete idea rather than previous ideas. While it can be fun to create videos, its is becoming more apparent to the public that you can make money from it as well.
Roth, Emma. “TikTok rolls out Creator Next and expands money-making opportunities for creators”, 1, December 2021. The Verge. https://www.theverge.com/2021/12/1/22811973/tiktok-creator-next-monetization-tips-video-gifts