With over 1.67 billion users globally and over 1 billion videos viewed on a daily basis, it’s safe to say that TikTok isn’t just a platform for Gen Z dance challenges. Now, people scroll through the short-form video app for news, tips and tricks, vlogs, Hollywood gossip, information about pretty much anything, recipes, entertainment, and so much more. It’s no surprise that user scroll the app for an average of 1.5 hours every single day. And, all this adds up to a growing number of TikTokers making a lot of money.
According to a recent Forbes report, Charli D’Amelio (151M followers) received tens of millions of views and earned approximately $17.5M through TikTok. Another well-known TikToker, Josh Richards (26M followers) has received over 2B like across his TikTok videos and earned approximately $5M through the short-form video app. But, these are obviously big names on the app and not every successful TikTok creator can rack up this kind of cash.
So, how much money can you make on TikTok? How do you make money on TikTok? And, how do you calculate how much money you can make on the short-form video app?
A TikTok money calculator is an online tool or application designed to estimate potential earnings for TikTok creators based on their account's metrics and engagement. It factors in various aspects such as the number of followers, likes, comments, and shares, along with the creator's niche or category. By inputting these metrics, the calculator provides an approximation of the earnings a TikTok creator could generate through sponsorships, brand partnerships, ad revenue, or other monetization strategies. However, it's important to note that these calculators offer estimates and may not accurately represent the actual earnings, as TikTok's algorithms and monetization mechanisms can be complex and continually evolving. Creators should use such calculators as a rough guide rather than a definitive measure of their potential income.
Just like on other social media platforms, there are a number of ways to monetize your content on TikTok. And, some of the highest earners on TikTok usually have a number of different income streams.
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, for years, creators that were garnering millions and millions of views complained about TikTok's lousy payout.
Well, it seems TikTok's new initiative - Creativity Program - is helping creators earn tens of thousands of dollars (and putting pressure on YouTube's creator payout!).
According to Insider, "TikTok's creativity program, which is still in beta, is one of the latest in a series of attempts by the social media platform to allow creators to make money directly from the app. It rewards creators for longer content, specifically videos over 60 seconds." The creativity program is now open to "all US based creators who have at least 10,000 followers and 100,000 'authentic' views on their TikTok videos in the last 30 days."
Payments are calculated and distributed based on qualified video views. A handful of creators have already revealed that they are earning a lot more money from the creativity program compared to what they were making with TikTok's earlier monetization efforts. A TikTok spokesperson even shared that "Creators can earn up to 20 times more from the creativity program than its creator fund since it pays out more money each time a video is viewed."
Here's the thing - only eligible creators posting longer videos (videos over one minute) can start earning from the creativity program.
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:
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 are some TikTokers who sell 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:
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 TikTok influencers 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.
However, take into account that many TikTok creators have multiple income streams. 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.
At the end of the day, the revenue you can make on TikTok is completely dependent on your audience and your engagement rate. In order to maximize the amount of money you can make on TikTok, you need to focus on creating engaging, informative content to your target audience. If you’d like more information about brand sponsorships and creator monetization, don’t hesitate to reach out.