TikTok announces the beta version of remodeled creator fund called the Creativity Program. The article explains what’s creator funds and how to use them.
What is Creator Fund?
TikTok launched internationally in 2017 and become the fastest-growing app. With more than 1 billion active TikTok users, the social media platform gave the biggest rise to influencers and content creators. It also provided them the opportunity to market their brands and make money.
- The TikTok Creator Fund is a monetary fund for the creators of the video-sharing platform. The fund was launched in 2021 to encourage its creators. It also appreciated them with monetary gains for attracting and engaging larger audiences on the app.
- This helped TikTok minimize the Ads and provided an opportunity for content creators to maximize their experience. This project started with an initial investment of $200 million, however, the platform pledged to add up to $1 billion in the next three years.
- Following this, they have announced a remodeled version of the TikTok Creator Fund called Creativity Program.
Why is TikTok remodeling Creator Fund?
According to the company, the new program is based on feedback from creators. The current model has been criticized by creators for low payouts, hence, they decided to remodel it.
- A spokesperson for the company shares that TikTok is reworking its formula. The changes will offer a higher average gross revenue for qualified videos. They will share further specifics about the new version later as the Creativity Program is still in its developing phase.
Qualifications for TikTok’s Creativity Program
TikTok didn’t reveal the specifics regarding its fund allocation and the creators’ qualifications necessary for the new program. However, they did note that users need to be at least 18 years old and have an account in good standing to be eligible for the program.
- Although TikTok didn’t mention how many followers creators need to be eligible to take part in the new program, a previous report indicated that the minimum requirement is 100,000 followers.
- It will be a significant change if the information turns out to be factual. Many creators might not appreciate this change as it marks a significant jump from the previous 10,000 followers requirement.
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TikTok steadily increases the length of videos because
it hasn't found a proper way to monetize them and fund the creators.https://t.co/DtNyls94ZM pic.twitter.com/toKsgVxVUI— Giulio S. (@astaniscia86) February 20, 2023
- Moreover, they share, that to start earning with the Creativity Program, creators will need to provide high-quality original videos that are longer than one minute. This makes it clear that TikTok is limiting its qualified creators in process of providing monetary benefits.
- The recent changes are confusing its community as the platform changes its direction and approach to its users. Last year, TikTok expanded its maximum video length from three minutes to 10 minutes and encouraged its creators with rewards for posting longer content.
- All these changes indicate the platform’s steady approach to competing against YouTube.
Also Read: TikTok: Who is Olivia Dunne from LSU and why is she famous?
What to do if you have a TikTok Creator Fund?
Creators that are already enrolled in the Creator Fund can easily switch to the Creativity Program. Those that are thinking of applying can do so once the new program is available.
- Creators aren’t allowed to revert to Creator Fund after switching to the new program. This requirement prompted questions if TikTok completely shredding its Creator Fund.
- Currently, TikTok declines to respond about the Creator Fund’s future, but it’s possible that once the Creativity Program launches, TikTok will scrape the Creator Fund.
Also Read: How Video Games Can Improve Your Creativity
Meta's pulling a Twitter, Spotify's pulling an Insta, TikTok is launching ANOTHER creator fund, YouTube's focusing on Shorts now, Insta is trying to get into NFTs (late as always)…
All this and I still know I'm missing some big ones.
Big tech map moving like startups now?
— Spencer Chandlee (@SpencerChandlee) February 20, 2023
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