TikTok has announced a new US $200million fund to pay content creators for their videos.
Dubbed the TikTok Creator Fund, the fund is meant to help support “ambitious creators who are seeking opportunities to foster a livelihood through their innovative content”, as according to a recent blog post on TikTok’s website.
While the post claims the fund will be distributed over the coming year, it did not state how often payments will be made, or if there was a limited number of content creators that could benefit from the Creator Fund.
To apply, users must be over 18 years of age and must “consistently post original content” in line with TikTok’s community guidelines. A baseline follower count is also required, but was not disclosed in the blog post. Currently, only US content creators can apply for the fund beginning in August.
In the blog post, general manager Vanessa Pappas said the fund seeks to “encourage those who dream of using their voices and creativity to spark inspirational careers”.
“Through the TikTok Creator Fund, our creators will be able to realise additional earnings that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas,” she said.
“In a relatively short time, TikTok has grown to become a source of income and opportunity for creators and their families – and we couldn’t be more encouraged by their success. As our community continues to flourish, we’re committed to fostering even more ways for our creators to earn livelihoods by inspiring joy and creativity.”
Last month, TikTok signed a deal with Prince’s estate to license his full discography for use on the app.
An official account named @Prince.4.ever was also created, which is being operated by Prince’s estate and will offer archival material.