Global social media giant TikTok has today announced that it is launching a £54m fund to pay some European creators for their content. A similar £160m fund was launched in North America last month.
Today’s announcement is the first time the app’s made money available to EU users for their videos. It is seen as a move to secure its existing talent and attract new ones to the platform – after weeks of controversy surrounding its management and security concerns across the world.
Previously, TikTok users only made money with livestreams or brand partnerships.
Rich Waterworth, the UK managing director of TikTok said: “The UK has a long history of creativity and that’s why TikTok has really thrived here. Everyone has very different circumstances so we’re hoping this funding will be able to support creators in a whole variety of ways – from supplementing their income or turning into a full-time job.”
To be eligible, users must be 18 years or older, have a certain number of followers and be posting original content that follows TikTok’s updated rules.
TikTok hasn’t revealed how it will choose users, but the fund will be given to creators in regular payments up until the end of 2021.