TikTok is today introducing a new way for creators to earn money from their content. The short-form video platform already allowed creators to receive virtual gifts from fans during their TikTok LIVE videos, but a series of new features now allows creators to receive virtual gifts from fans when they're not live streaming, with the addition of tips and video gifts. You will also be able to receive payments and gifts. These features will roll out alongside the new “Creator Next” portal, which brings all of TikTok's monetization opportunities into one place.
The company is also expanding access to its Creator Marketplace, which it launched in 2019 to help brands connect creators with sponsored content and recommended videos. From now on, TikTok creators with at least 10,000 followers will be able to sign up for the TikTok Creator Marketplace and collaborate with brands on a variety of opportunities.
Meanwhile, the tipping and video gifting feature allows creators to earn money from their videos, while giving fans a new way to show support for their favorite creators. These features combined will put TikTok in more direct competition with other social media platforms such as Instagram and YouTube, which feature a variety of ways for creators to monetize their content. .
The company was seen testing a new direct-to-chip feature last month, but said at the time that the feature was not yet widely available. During testing, creators had to have at least 100,000 followers and a good relationship with TikTok, according to screenshots of the feature in action. Once approved, creators will now have a button added to their profile to accept payments directly.
TikTok's monetization features are now more widely available to creators in the US, UK, Germany, France, Italy, and Spain. (Canada and Australia are expected to gain access in the coming months.) The Creator Next website states that eligible creators must be 18 years of age or older and may vary by region. It states that you must meet the minimum requirements for followers. You must also have at least 1,000 video views in the past 30 days and at least 3 posts in the past 30 days. Accounts must be at least 30 days old, in good standing according to TikTok's Community Guidelines, and with no repeated violations of our rules.
TikTok says creators keep 100% of tips, and tipsters pay a small processing fee to TikTok's payment provider, Stripe, to cover their service costs, but the company itself doesn't take a cut of the revenue (this way, payments also avoid App Store in-app purchase fees).
On the other hand, video gifts are similar to live gifts, but creators can collect diamonds (virtual gifts) not only from live broadcasts but also from short videos. However, for LIVE gifts, the creator only needs 1,000 followers, while for video gifts, he needs 100,000 followers, similar to hints.
The Creator Next online portal also links creators to other monetization opportunities, such as the Creator Marketplace and TikTok's Creator Fund, which pays creators directly for popular content.
These new features come as competition for creative talent intensifies among top social platforms. Facebook, Instagram, YouTube, Snap, and even Pinterest and LinkedIn offer creator funds that reward creators who create popular content. This is an effort to attract and retain creators on each platform. Twitter is also building out its creator platform with Super Follows, which provides subscription-based access to creators. Instagram also began testing its own subscriptions earlier this month.
