Chinese short video platform TikTok has launched the TikTok Creator Fund for its influencers.
TikTok mentioned in its official release that the fund will cater to those “who dream of using their voices and creativity to spark inspirational careers.”
It revealed that the United States (US) fund will start with $200 million to help support ambitious creators who are seeking opportunities to foster a livelihood through their content.
It added that the fund will be distributed over the coming year and is expected to grow over that time.
The monetary opportunities under the Creator Fund include $50M Creative Learning Fund, which introduces emerging teachers to the platform; TikTok LIVE streams, for those who host live programs for their audience; and The TikTok Creator Marketplace, which helps brands partner with creators to collaborate on paid campaigns.
TikTok mentioned that through the TikTok Creator Fund, the creators will be able to realize additional earnings. To be eligible, users must be 18 years or older, meet a baseline for followers, and consistently post original content in line with TikTok’s Community Guidelines. The TikTok Creator Fund will open to applications from US creators beginning in August.
The announcement comes as the social media giant is getting serious blows from different countries relating to the privacy and security of users. While India has banned the app citing security concerns, the US Senate has also voted in favor to ban the app.
TikTok’s growth has been momentous since its inception in 2016. It is available in over 150 markets around the world, in 39 languages, and with whopping 500 million users.