ByteDance-owned video app TikTok has launched a $200 million Creator Fund in the United States.
Writing in a blog post published yesterday (July 23), TikTok’s US General Manager Vanessa Pappas stated that the intent of the US fund is “to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content”.
The fund will be distributed over the coming year and is expected to grow over that time.
The announcement of the $200m fund follows two other notable bits of news to come from TokTok this week:
On Wednesday (July 22), the company inked a global deal with Paris-based Believe and yesterday (July 23) we learnt that it has entered into a multi-year licensing agreement with the US-based National Music Publishers’ Association (NMPA).
To be eligible to benefit from the fund, TikTok users must be 18 years or older, meet a baseline for followers, and consistently post original content in line with the platform’s Community Guidelines.
The TikTok Creator Fund will open to applications from US creators beginning in August.
“As our community continues to flourish, we’re committed to fostering even more ways for our creators to earn livelihoods by inspiring joy and creativity.”
Vanessa Pappas continues: “Through the TikTok Creator Fund, our creators will be able to realize additional earnings that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas.
“In a relatively short time, TikTok has grown to become a source of income and opportunity for creators and their families – and we couldn’t be more encouraged by their success.
“As our community continues to flourish, we’re committed to fostering even more ways for our creators to earn livelihoods by inspiring joy and creativity.”Music Business Worldwide