Tue, 11 Aug 2020 14:23:21
TikTok announced the first wave of recipients for its new Creators Fund, a $200 million venture that will pay popular personalities for their content.
There are a total of 19 creators, including David Dobrik, Brittany Tomlinson, Cheyenne Jaz Wise, Justice Alexander, Michael Le, Marissa Ren, and Ross Smith. While many of the recipients already come from full-time entertainment backgrounds — including Dobrik and Smith, who are popular YouTube creators — many of the TikToker picks come from non-media backgrounds but were able to build a substantial following on the app.
Dr. Fayez (@lifeofadoctor), an emergency medicine doctor, has garnered more than 500,000 followers on the app since starting TikTok in 2019 and is known for “myth-busting common misconceptions within healthcare, or giving his audience a glimpse on his everyday life as a doctor,” according to a new TikTok blog post. Matt Gresia (@mattgresia) is an entrepreneur who uses TikTok to teach business skills to its more than 13 million customers.
TikTok first announced a $200 million fund in late July, and a spokesperson described the initiative as a way to support ambitious creators “are seeking opportunities to foster a livelihood” on the app. It's still unclear how often creators will be paid or how much each payment will be, but a spokesperson says this is an ongoing payment system.
For creators to be considered for the funding, they must be “be 18 years or older, meet a baseline of 10K followers, have accrued at least 10K video views in the last 30 days, and post original content” that doesn't violate the company's community guidelines, according to the blog post. In comparison, the YouTube Creators Program, which allows people to monetize their content through advertising, requires creators to have more than 1,000 subscribers and have more than 4,000 hours of watch time over the past 12 months.
“Creating engaging and meaningful content takes time and commitment, and our creators are just as passionate about sharing stories and connecting with their audiences as we are about serving them and our broader community of users,” Vanessa Pappas, general manager of TikTok AS, wrote in the blog post.
The company's goal is to increase funding from $200 million to $1 billion in the next three years. Currently, these funds only apply to creators in the United States, but the company hopes to generate more funding globally in the future. Applications for creators will open later this month, according to the blog post.
The funds come at an important strategic time for TikTok. Paid content creators in the US can enhance the company's image in its ongoing struggle with the US government, which is looking for American companies (reportedly Microsoft) to buy TikTok. Otherwise, the app faces a ban under an executive order from President Trump. TikTok has spent months trying to make itself a more American company, with a campus in Los Angeles, an American CEO, and plans to employ 10,000 people in the United States. If TikTok can become a viable economic platform for Americans, that's another positive for the company's presence in the United States.
More information about Creation Funds and the first batch of recipients is available at TikTok’s blog.
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