The title of ‘social media influencer’ has exploded in the past few years. Now, creators can get paid to manage social media accounts. These are influencers. They have strong presences on social media platforms and large followings of people. Influencers can be found on any platform, but the most popular ones have come from TikTok.
With over 500 million users worldwide, varying content in any category, and ridiculous engagement rates, TikTok is the biggest social media platform. Brands flock to the app as well to market their products or themselves. They often collaborate with influencers, which is where many influencers make their money from—sponsorships.
The TikTok Creator Fund
In order to give back to the creators who use the app consistently, TikTok set up its Creator Fund in 2020. This was established for US users with a fund of $200 million. For the UK, 3 years later, TikTok predicts the UK fund will reach £231 million. The fund itself is something TikTok is doing that’s unlike other social media platforms. TikTok is also using the fund to get users to look at their engagement rates, video views, and number of followers on a regular basis.
For influencers to get paid through the fund, it will depend on how well their videos do within TikTok’s algorithm. View counts, engagement rates, authentic followers, and the region of the creator are specific criteria for whether creators can receive funds.
How to Collect Payments
The TikTok app has a section labeled Creator Fund Dashboard. It generally takes around 3 days to process, meaning any funds given won’t be immediately accessible. Once money shows up in the Dashboard, a PayPal account must be linked to the creator’s account before it can be transferred to their bank. PayPal is currently the only form of payment collection available from TikTok.
To be eligible to be a member of the Creator Fund, a user must:
- Be at least 18-years-old
- Have 10,000 followers or more
- Have received over 10,000 views in the past 30 days
- Maintain an account that doesn’t violate the Community Guidelines or Terms of Service
- Be a Pro account
Joining the Creator Fund
In the app, users with a Pro account can find the Creator settings inside the TikTok app. There should be a Creator Fund button, which will present an ‘Apply’ button. Often, notifications for eligible accounts are private messaged with the prompt to apply for the Creator Fund. If the Dashboard appears, the application has been approved.
TikTok isn’t the only platform to offer monetary compensation for posting and creating a presence for users. However, it is the first social media platform to do it this way. For most creators, getting to 10,000 followers or views on any other platform would take years. TikTok’s viral success rate, on the other hand, is much higher than apps like Instagram or Facebook. This is thanks to TikTok’s unique algorithm—the same algorithm showing creators that a little dedication and hard work can be very rewarding.