Facing severe threats from the US, TikTok is now starting a $200 million fund to help its top US creators make a living. This move comes after US lawmakers have raised concerns about its links to China. After this, President Donald Trump also threatened to ban the app in the country.
Why TikTok Is Starting the $200 M Fund
Tech Crunch notes that TikTok is starting the fund to show the US it doesn’t mean any harm. They want to show American consumers that they are willing to help them earn money. Earlier, they have stressed that they will not give user data to the Chinese government.
TikTok has also said that it will add 10,000 more staff in the US. Moreover, Tech Crunch notes rumors that US investors will try to buy ByteDance and take it away from its Chinese owners. ByteDance is TikTok’s parent company.
TikTok launches $200 million Creator Fund to pay people to post https://t.co/94FChqjE69
— CNET News (@CNETNews) July 23, 2020
Who Is Getting TikTok’s $200 M Fund?
According to Tech Crunch, TikTok is calling the it the “TikTok Creator Fund.” The money will go to the app’s “eligible” creators. To get the funds, creators should be 18 years old. They must also have a certain number of followers, and they should post TikTok videos regularly.
US followers can begin applying for the budget next month. TikTok will give out the money over 2021. Vanessa Pappas has also said that ByteDance will increase the $200 million over time. Pappas is the general manager of TikTok’s US operations.
How Can TikTok’s $200 M Fund Help Creators?
Before the fund, TikTok has helped creators sign deals with brands and sponsors. Creators can also get money from their live-streams. Over 1,000 US teachers are also using TikTok for work, thanks to the $50 million Creative Learning Fund.
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