TikTok Introduces New Monetization Options, so creators can earn money from their videos, while offering a way for fans to show their support for their favorite creators; also clearly is a way to compete with other video platforms where creators monetize, such as YouTube and Twitch.
One of the new options available is Tips, that allows viewers to send monetary tips to creators, either in predetermined amounts ($ 5, $ 10, or $ 15) or in a custom amount, without exceeding $ 100, while a user is not allowed to spend more than $ 500 a single day sending tips.
The other option is Video Gifts, which is the extension of LIVE Gifts – exclusively for live videos – and that now allows you to send diamonds (which can be exchanged for real money) to any video, even if it is not being broadcast live at the time.
To have access to Tips and Video Gifts, users must be over 18 years of age, have more than 100,000 followers, have made at least three publications during the last 30 days and have at least a thousand video reproductions in that period.
And the best thing is that the profits are 100% for the creators, as the platform does not keep any commission. The transactions for sending and receiving tips are made through Stripe, the payment provider of TikTok, where the sender of the tip only has to cover a small fee for the service and processing of the transaction, but the creators receive the full money .
TikTok also announced the launch of the new portal Creator Next, which organizes all forms of monetization in one place. In addition, it expands access to your Creator Marketplace, which helps brands connect with creators for sponsored content, as creators with at least 10,000 followers will now be able to sign up for it.
Initially, TikTok’s new monetization options will be available to users in the United States, United Kingdom, Germany, France, Italy and Spain; and Australia and Canada will join in the coming months.