TikTok has just announced a $200 million program dedicated to funding the ideas of its top U.S. creators, TechCrunch reports.
Referred to as the TikTok Creator Fund, the money invested in this program will aim to help the most popular “eligible” creators on the platform to earn a livelihood, according to TikTok.
“To further support our creators, we’re launching the TikTok Creator Fund to encourage those who dream of using their voices and creativity to spark inspirational careers,” TikTok shared in a statement on their website.
The U.S. fund will start with its initial $200 million investment to support creators seeking more opportunities to make a living off their innovative content and will be distributed over the next year as it’s expected to grow.
TikTok already helps its creators secure brand partnerships and sponsorship deals as well as monetization for live-streams, according to TechCrunch, but this fund will allow its users to directly profit from their videos posted on the platform.
“Through the TikTok Creator Fund, our creators will be able to realize additional earnings that reflect the time, care, and dedication they put into creatively connecting with an audience that’s inspired by their ideas,” Vanessa Pappas, general manager of TikTok U.S., wrote announcing the program.
According to her, the fund will “help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.”
Forbes referred to the new fund from TikTok as an “unusual move by a social media company” as they note it arrives weeks after concerns about the visual platform’s future. They recently received backlash for singling out minority creators and pushing their content out from their Discover page.
According to CNN, TikTok currently is facing multiple battles, including a possible ban in the U.S. because of its Chinese ownership over claims of security risks. The company also announced its plans to create 10,000 U.S. jobs over the next three years, a huge increase from the roughly 1,400 staff members it currently employs in the country.
At this time TikTok has not released specific details as to how the funds will be distributed or who will be eligible to qualify for funding, but they have shared the following, according to Variety:
“The TikTok Creator Fund will open for applications from U.S. creators beginning in August 2020. To be eligible, users must be at least 18 years old, meet a minimum threshold for followers (which TikTok has not stated yet), and “consistently post original content in line with our Community Guidelines,” according to a rep.
More details on this fund to come.
