TikTok has become the epitome of entertainment. After its exponential growth in 2019, the loneliness of the pandemic further enticed Gen Z and millennials to the platform. With a groundbreaking 315 million installs in the first quarter of 2020 and two billion total downloads, TikTok is a sanctuary for those who are creative or bored. The platform allows its users to create and share short-form videos, with a wide array of sound and video effects available to spruce up content. As per the platform’s website, TikTok’s mission is “to inspire creativity and bring joy.”
The beauty of TikTok is that it’s easier to go viral on it, compared to other platforms. This is because most users spend an average of 52 minutes a day scrolling through their “For You” page. As such, it is an interesting avenue for monetization.
1. TikTok’s Creator Fund
As a creator, you can benefit from TikTok’s $200M Creator Fund. This fund aims to support and reward young creators on the platform. Earnings are largely based on views and engagement levels, and they vary depending on the amount of videos published that day by the community. To be eligible, you have to be 18 years or older, have at least 10,000 followers, 10,000 views in the last 30 days, and abide by TikTok’s Community Guidelines.
2. Brand deals
TikTok content creators can also make money through brand sponsorships. Businesses are starting to see the value of TikTok, with a lot of them seeking out influencers willing to promote their products. To increase your appeal as an influencer, make sure you cross-promote your TikToks across other social media channels. This will give brands an idea of your overall following and reach. You can also join influencer marketing platforms to show brands you’re willing to do sponsorships.
3. Advertise your business
Given the increased possibility of gaining views on TikTok, businesses both big and small should opt for advertising their products on TikTok. On the same note, content creators can redirect users to their other social media profiles that are already monetized.
Content creators can also host livestream sessions. TikTok has a built-in monetization system that allows its users to give donations to their favorite content creators. The content creator receives coins, which can later be converted to real cash via PayPal.
5. Grow and sell accounts
If you’ve mastered the art of going viral, growing and selling accounts may just be your calling. In terms of pricing, an account with about 100K followers can sell for up to $1,000. If you reach for the stars and hit the 1M+ follower mark, your account can be worth up to $30,000.
6. Post compilations on YouTube
YouTube is a haven for finding compilations of your videos––some of which garner millions of views. If your TikToks are doing well, compiling them into one video and posting it on YouTube can be a source of revenue.
According to Influencer Marketing Hub, a YouTube channel can earn $3-$5 per thousand video views. As such, a particularly large following or influence on TikTok can generate an additional stream of income on YouTube.
Although TikTok as a platform doesn’t monetize successful creators, having an influence on TikTok can still result in financial gain. Leveraged correctly (and creatively), TikTok’s user base can allow content creators to monetize their success on the platform.
Is your business looking for Youth creatives or Generation Z directors? Contact our Gen Z advertising agency in Los Angeles today so our team can help!