published on September 13, 2024 in blog

No More Creator Fund: TikTok Announces Update to Help Users Make More Money

TikTok said it is shutting down its $1 billion Creator Fund for another program
The social media platform is embracing its new Creativity Program
With the development, it stated that users can make more money from the platform

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

TikTok has said it is now focusing on its new Creativity Program, hence the need to shut down its original $1 billion Creator Fund.

It however stated that currently enrolled Creator Fund participants may transfer to the Creativity Programme.

This comes as creators criticize the Creator Fund, citing insufficient payouts since its introduction in 2020. Some claimed that they received a small payment for videos with millions of views.

Creativity Program to pay more

TikTok said the reward formula for the Creativity Program is expected to offer a higher average gross revenue for qualified video views.

The new program favors creators who make videos longer than one minute. The TikTok Pulse and LIVE subscriptions are also among its monetization options.

Maria Jung, TikTok spokesperson told TechCrunch that the company intends to create the best experience possible on TikTok. To achieve this, it plans to provide a robust ecosystem of monetization offerings to creators.

“Part of our efforts and ongoing commitment to provide requires us to evolve products and apply resources elsewhere to best support creators and explore new offerings. 7"We developed the Creativity Program based on the learnings and feedback from the Creator Fund, and we’ll continue listening and learning from our community as we explore new features and enhance existing ones to further enrich the TikTok experience.”

Eligibility

Creators must be at least eighteen years old, have a minimum of 10,000 followers, and a minimum of 100,000 views in the last thirty days to be eligible for the Creativity Programme.

According to TikTok, eligible producers can earn up to 20 times the amount previously granted by the Creator Fund if they post high-quality, unique content that lasts longer than a minute.

Legit.ng earlier highlighted how Nigerian youths can genuinely make money on TikTok.

One billion users, but trouble mounts for TikTok

Due in large part to its connections to China, TikTok's quick ascent from specialized video-sharing software to a massive global social media force has drawn criticism, according to Legit.ng report.

Fearing that Beijing officials might access the data, several nations have prohibited the app from being used on their devices. Now, the US is attempting to pressure the Chinese parent firm, ByteDance, to sell its valuable asset.