TikTok Is Giving Away £54 Million To Creators With 10K Followers As Part Of New Creator Fund
18 August 2020, 16:15 | Updated: 18 August 2020, 17:22
TikTok announced that they are set to launch a Creator Fund worth £54million and those with over 10K followers are eligible to receive funds.
TikTok is launching its first-ever Creator Fund worth a staggering £54million for social media stars to turn their creativity into a career.
Starting from September 1st, creators from across Europe will have access to the fund, giving the talented people who use the app an opportunity to escalate their hobby.
In order to be eligible for the fund, you must first have at least 10,000 followers, had a minimum of 10,000 views in the past 30 days and share original content which complies with TikTok’s Community Guidelines.
Once eligible, the creators will be able to apply through the TikTok app, where they can receive the funds in regular monthly instalments.
However, this will be based on the performance of their content.
A number of TikTok stars are already set to be receiving access to the funds, including Holly H and James Lewis, who are some of the app’s earliest creators and have contributed a serious amount of original content to the platform.
The new European TikTok Fund will start initially with $70 million (£54 million) within the first year.
It is then expected to rise to a staggering $300 million (£231 million) over the next three years!
TikTok’s General Manager EU, Rich Waterworth, said: "Creators are the lifeblood of TikTok, surprising us every day with the imaginative ways in which they interpret everyday life or inspire us to try new things.
"As we celebrate two years in the UK, we wanted to recognise the huge amount of time and energy our creators put into making great content, providing long-term support for our community through the Creator Fund.
"We hope the first recipients of the Fund will show others what's possible - whether you're a long-time TikToker or brand new to the platform, we want to give creators the opportunity to turn a hobby into a viable career path.
“We're excited about how the Creator Fund can help to further support our creators and nurture the next generation of creative talent on TikTok.”