- TikTok is launching a new fund aiming at US top creators that seeks to build a career through the platform;
- “That spirit and ability to connect with and bring joy to large audiences has already propelled thousands of creators into brand partnerships, sponsorships, and representation deals with some of Hollywood’s biggest talent agencies,” said TikTok’s General Manager in the US;
- The new fund will open to applications in August.
Social media company TikTok announced a new $200 million fund targeting top content creators in the US. The TikTok Creator Fund aims to assist creators to obtain additional earnings “that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas,” says Vanessa Pappas, General Manager at TikTok US, in a company blogpost.
The new fund will open to applications from US creators in August. “To be eligible, users must be 18 years or older, meet a baseline for followers, and consistently post original content in line with our Community Guidelines,” Pappas unveiled.
The initiative, which is dedicated exclusively to US creators – TikTok’s biggest market in terms of revenues – will start with $200 million to support creators who are seeking opportunities to foster a livelihood through their content. The capital will be distributed over the coming year but the company says it is expected to grow over that time.
The social media phenomenon seems to be driving efforts to stay relevant in the US amid threats on being banned in the country. This week, some US investors of TikTok’s parent company Bytedance, including Sequoia Capital, were reportedly considering the purchase of a majority stake in the Chinese platform.
TikTok hit more than 2 billion downloads globally in April and has been raising concerns among US authorities whether or not its users’ data ends at the Chinese governments’ hands.