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For years, YouTube has been the home for video content. However, with changing audience behavior and demand, more and more short-form video content has become popular. Although YouTube has adapted to this major change by adding YouTube Shorts, TikTok is still one of their major competitors.
TikTok has over 1B active users and has 30.8M daily active users worldwide. Not to mention that TikTok users spend more than 850 minutes per month on the app. Well, that's great, but what does all this mean for TikTok creators? How do you make money on TikTok? How much money can they actually make on TikTok? Here’s everything you need to know about earning money on TikTok.
Yes!
In order to make money on TikTok, users must be
When it comes to monetizing your content, there isn’t one single approach. Some of the highest earners on the short-form content app usually have a number of different income streams, which includes brand sponsorships, selling merchandise, virtual gifts from lives, and more.
As a way to reward successful creators on TikTok, the short-form content app created the TikTok Creator Fund, which gives TikTokers the opportunity to “earn money doing what they love and turn their passion into a livelihood”.
However, in order to even be considered into this exclusive club, creators need at least 100K authentic video views in the last 30 days. Also, it’s important to note that TikTokers will receive funds based on a variety of different factors - number of views, audience size, quality of user engagement, and posting frequency.
But, we all know how TikTok works - it's super dynamic and while one day you can have a video go viral, the next day your videos may not receive any views. According to TikTok, “TikTok changes naturally - so your funds will ebb and flow in the same way”, meaning that a steady payment is not guaranteed.
Selling products that relate to your content is great for monetization - the best part is, pretty much any type of creator can make and sell merch to their loyal subscribers and viewers.
Don’t know what to sell? Ask your customers! By creating polls and asking your viewers directly, you can get a pretty good idea of what your audience likes and what they will buy. Then of course you can promote your merch via your content - win/win all around.
Here’s some examples of TikTokers selling their own merchandise:
Livestreaming is nothing new, but TikTok’s live feature is unique because it allows followers to send virtual gifts in real time as a way to show appreciation to the TikTokers they love. These virtual gifts can then be redeemed for payment.
Here are some tips:
Just like on many other social media platforms, brand sponsorships thrive on TikTok.
A number of brands have partnered up with TikTokers to promote their products and services. In return, the brand pays the creator and usually gives them the product/service for free in order to enable them to fully show it off.
Here’s an example of a brand sponsorship on TikTok:
Although TikTok hasn’t officially revealed how much they pay creators via their creator fund and the amount is obviously dependent on a number of factors, many TikTokers have claimed to earn between 2-4 cents per thousand views. So, for example if your video reaches 500,000 views, you would only get around $20 (not taking into account any of the factors mentioned earlier).
However, we mentioned a number of different ways TikTokers can make money on TikTok. According to Forbes, a creator on TikTok can make between $100,000 - $250,000 for a sponsored video. Also, during live streams, viewers can gift their favorite creators ‘Diamonds’ - which can be converted into coins (2 Diamonds = 1 Coin). At the end of the stream, creators and viewers can see the total amount of Diamonds collected. ASMR TikToker, Lucy Davis shared that she earns between $20-$300 each time she goes live, while Jakey Boehm live streams on TikTok while he sleeps and earns around $34,000 in a single month - there really is a niche for everyone on this app.
Just like on all the other social platforms, it's really not as easy as it looks. But, there are a number of TikTokers who have found major success on the short-form video content platform. Here’s a closer look at how much some of the highest-paid TikTokers really make.
Obviously it's possible to make a lot of money on TikTok. The app is continuously working on different ways to not only help currently popular TikTokers make more money but also incentivize creators on other platforms to bring their creativity to this social app. At the end of the day, it’s all about where the content creator can get the best engagement and make the most money.
