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| Tik Tok adds monetization for creators |
TikTok has announced the launch of Creator Next, a one-stop shop for all monetization tools on the platform. Also select some updates for existing authoring tools.
The platform mentioned that, along with Creator Next, it also offers comprehensive rewards that allow users to send money directly to their favorite creators.
These are TikTok's efforts to retain YouTube users and prevent them from accessing other networks that pay YouTube users, such as Instagram, Facebook, YouTube and Snapchat.
When the platform was only built for a year in 2019, it was difficult for users to find a way to earn money locally through the app as they had to receive transactions and referrals outside of the app.
Then, to solve this problem, the platform launched a $200 million creation fund in 2020 that splits the money to reward the most famous creators.
TikTok started testing the technologies in October as another way for content creators to make money. But now it seems that all creators who meet the requirements can take advantage of this feature.
Requirements include a minimum age of 18, a trusted account, and 100,000 or more subscribers.
The platform says that content creators get 100% of every tip. It is processed through the Stripe payment service and tips are subject to a small fee.
Use Stripe to make sure TikTok doesn't have to pay Apple's 30% commission for in-app purchases.
The platform also said that it is expanding the drop-shipping feature during live broadcasts. This allows viewers to donate diamonds, a virtual currency that can be exchanged for cash.
The platform adds a video submission feature that allows users to donate diamonds during regular offline videos.
Tik Tok brings rewards to the most creative people
As with tips, creators must have at least 100,000 fans to take advantage of the submission feature. This is a change from the direct donation feature, which requires YouTubers to have at least 1,000 fans.
Additionally, the platform enables more content creators to enter the content creator market. It is a portal through which content creators can find and work with business partners to earn money from sponsored videos.
Creators now need 10,000 subscribers to enter the market, up from 100,000 before that.
All of these tools, including the Creator Fund, Creator Marketplace, Freebies, videos and tips, will be displayed in the Creator Next portal.
The platform states that content creators must meet the minimum requirements for subscribers. This can vary from region to region. Over 1000 video views with Creator Next in the last 30 days.
Creator Next Center has launched in the US, UK, Germany, France, Italy and Spain. It will be arriving in Canada and Australia in the coming months.