TikTok is adding new ways for creators on its platform to make more money from the content they create. TikTok already allows creators to accept virtual gifts from fans during TikTok Live videos; but the new features will allow creators to accept payments and gifts when they are not live. This will be made possible through the addition of Tips and Video Gifts.
TikTok is also expanding access to its Creator Marketplace; a product that helps brands connect with creators for sponsored content and recommendation videos. Going forward, TikTok creators with at least 10,000 followers will have access to the TikTok Creator Marketplace. This means that can collaborate with brands on various opportunities that come their way.
Tipping and Video Gifting
TikTok also launched a tipping and video gifting feature that will allow creators to make money from their content. This will come in form of offering fans the opportunity to show their support for their favorite creators in new ways. With this, the short-form video platform is in a better position to compete with the likes of Instagram and YouTube. Of course, it is no secret that YouTube and Instagram offer creators in their platforms various opportunities to make money from their content.
Creators in the following countries can start using the monetization features from today: the US, UK, Germany, Italy, France, and Spain. Eligible creators not below 18 years in those countries, with minimum follower requirements can start earning immediately. Such creators must have at least 1,000 video videos over the last 30 days and have at least 3 posts in the last 30 days. Their accounts must be at least 30 days old and in good standing with TikTok’s Community Guidelines with no repeated rule violations. TikTok said creators in Australia and Canada will have access to the new features in the coming months.
The company said creators will receive 100 percent of the tips. Tippers will pay a small processing fee to TikTok’s payment provider, Stripe, to cover service fees. TikTok, however, said it will not be taking a slice of that revenue.
Meanwhile, TikTok is quietly offering cash bonuses to top TikTok Shop merchants in the UK. The company is offering as much as £10,000 [$13,300] to top Shop merchants in a bid to boost Live Shopping activities on its platform.
TikTok said top 13 merchants in the UK will be rewarded with cash bonuses up to £10,000. Invitations are being sent out to merchants, which is an indication that not all merchants will be involved. However, social media commentator Matt Navarra posted an invite that includes details of what to expect from merchants.