TikTok announced today that it will launch the beta version of an updated creator fund dubbed”Creativity Fund. “Creativity Programme,” TikTok claims that the program will bring in more revenue and create many opportunities for creators. The program will be available from today to selected creators who are invited only The program will be open to all creators who are eligible to come shortly.
Since the program is still in its infancy, TikTok declined to reveal details about the amount it has set aside for the program. It also did not specify the number of users or followers creators require to have in order to qualify to participate in the program. TikTok did specify that users must not be younger than 18 and have accounts in good standing in order to be eligible to participate in the program.
The company claims it designed the new program on the feedback of creators about the current opportunities for earning which includes the Creator Fund. This fund pays creators who make well-known videos, and began operations in 2020, with the promise of $1 billion for three years. Its approach has been criticized by some creators who have complained about the low payouts, and some have claimed they made a few bucks for videos that received millions of viewers.
TikTok has now acknowledged these concerns through the introduction of its new program. A spokesperson for the company informed TechCrunch it was TikTok has tweaked its formula to provide an increase in average gross revenue for video views that are qualified using the new program however, they didn’t give specifics on what the payment structure could be for creators.
While TikTok did not provide the number of followers creators require to be eligible in the program, previous reports by The Information indicated that the minimum requirement for participation is 100,000 followers. If that’s the real requirement, then this is an increase from the 10,000 follower threshold in the existing Creator Fund.
In order to earn money through this program, artists are required to make high-quality original videos that run more than one minute long. To illustrate, TikTok’s Creator Fund doesn’t require videos to exceed one minute in length in order to be eligible for payment. In 2013, TikTok expanded its maximum video length from 3 minutes to ten minutes and now plans to reward creators who post longer-running videos. The TikTok focus on content that is longer isn’t a surprise, considering that TikTok has been advancing closer to YouTube’s realm.
The program allows creators access to an up-to-date dashboard that provides more information about estimates of revenues, video performance metrics, and analytics as well as the requirements for video eligibility.
Creators who are already enrolled in the Creator Fund may move on to the Creativity Program. Those who aren’t enrolled in the program can enroll in the new program when it becomes the program is available. Once they are enrolled in the Creativity Program creators won’t be able go back to Creator Fund. TikTok hasn’t said if its Creativity Program will replace the Creator Fund altogether, but it’s possible that when it is established that the Creativity Program launches widely and has completed its beta phase, TikTok will scrape the Creator Fund.
Its U.S. launch of the new program comes at a time when TikTok is testing the program on France in France and Brazil for a couple of months. TikTok intends to roll out the program in additional regions in the near future.
“Designed to aid creators to develop their creative abilities, increase income potential, and open up new opportunities in the real world The Creativity Program Beta represents the most recent addition to our monetization tools that assist creators of all levels in getting paid,” the company said in the blog post.
The new program will expand the current opportunities for TikTok’s earnings for creators as the biggest competitors are expanding their offerings. In the month of March, YouTube began sharing ad earnings along with Shorts creators. Prior to this, the short-form video platforms could figure out how to distribute ad revenue. The new arrangement provides Shorts an advantage over its competitors because the creators who create content can earn more money from YouTube Shorts than they can on TikTok as well, they’re encouraged to create original content for YouTube. YouTube platform.
The new TikTok program demonstrates that it’s focused on keeping its talent as creators according to the company’s statement that it is committed to finding innovative ways to reward creators. acknowledged and rewarded.
Alongside the new creator fund, TikTok is also working on other methods to satisfy creators. The Information revealed this week TikTok is working on the paywalled feature for a video which will allow creators to charge users $1 or any other amount of their choice to view the video. The idea of creating exclusive content available to paying customers isn’t new since Instagram allows creators to share exclusive content. If the feature is made available, it will let TikTok to reward creators who are the main driving aspect of the app since their viral videos have played a major role in the app’s success and growing popularity.