TikTok has launched its second multi-million dollar Creator Fund in as many weeks.
Last Thursday (July 23), the ByteDance-owned firm launched a $200 million Creator Fund in the United States.
Today (July 30), the company has revealed a multi-million dollar Creator Fund for the UK and a number of other European countries it operates in.
The news comes just two weeks after ByteDance reportedly scrapped plans to build a new TikTok mega-HQ in London due to the UK’s growing tensions with China.
TikTok also faces ongoing scrutiny over security concerns in the US, with ByteDance considering a range of options to avoid being banned in the market.
This new European fund will start initially with $70 million (approx. £54million) in the first year, which the company expects to rise to a total of at least $300m (approx. £231million) within three years.
The news was announced in a blog post published by Rich Waterworth, General Manager, TikTok Europe.
According to the blog post, the fund will give “talented individuals the opportunity to turn their creativity into a career”.
Details about how prospective talent can apply will be shared by TikTok in the coming weeks.
“This is only the beginning: we hope our support for our local creator community further builds on TikTok’s reputation as a unique home for positive, creative expression for many years to come.”
Rich Waterworth, TikTok Europe
Said Waterworth: “Our growth in the UK is a source of immense pride for all of us at TikTok.
“The UK is one of our biggest operations in the world, home to hundreds of staff, critical functions and senior leaders spanning brand, community and partnerships, content, music, product, public policy and safety.
“The rich cultural diversity here is hard to rival and we’re excited about how the Creator Fund can help to further nurture the potential of a new generation of creative talent.
“This is only the beginning: we hope our support for our local creator community further builds on TikTok’s reputation as a unique home for positive, creative expression for many years to come.”Music Business Worldwide