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TikTok Launches Revamped Creator Fund Called “Creativity Program” in Beta • InNewCL

TikTok Launches Revamped Creator Fund Called “Creativity Program” in Beta • InNewCL

#TikTok #Launches #Revamped #Creator #Fund #Called #Creativity #Program #Beta #InNewCL Welcome to InNewCL, here is the new story we have for you today:

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TikTok announced today that it is launching the beta version of a revamped Creator Fund called the Creativity Program. The company says the program is designed to generate more revenue and unlock more opportunities for developers. Starting today, the program is available to select creators on an invitation-only basis. Availability to all eligible creators coming soon.

As the program is still in its early stages, TikTok declined to reveal details about the amount of money it has committed to the program. The company also didn’t say how many followers or views creators need to be eligible for the program. However, TikTok has pointed out that users must be at least 18 years old and have a clean account to qualify for the program.

The company says it developed the new program based on developer feedback on its current earning opportunities, including its Creator Fund. The fund, which rewards creators for popular videos, was launched in 2020 with a $1 billion commitment over three years. His model has been criticized by developers who have complained of low payouts, with some saying they made a few bucks for videos that garnered millions of views.

TikTok is now addressing these concerns with the launch of the new program. A company spokesperson told InNewCL that TikTok revised its formula to offer a higher average gross revenue for qualifying video views with the new program, but gave no details on what payments for creators might look like.

Though TikTok didn’t say how many followers creators need to participate in the new program, a previous report from The Information indicated that the minimum requirement is 100,000 followers. If that’s the actual criterion, then it marks a significant jump from the 10,000 follower requirement under the current Creator Fund.

In order to make money from the program, the creators need to create high-quality original videos longer than a minute. For context, TikTok’s current Creator Fund doesn’t require videos longer than a minute to be eligible for payment. Last year, TikTok increased its maximum video length from three minutes to 10 minutes and is now trying to reward creators for posting longer content. TikTok’s focus on longer content isn’t surprising given that the company has been pushing ever further into YouTube’s territory.

The program gives creators access to an updated dashboard with more insights into estimated revenue, video performance metrics and analytics, and video eligibility requirements.

Creators who are already enrolled in the Creator Fund can move to the Creativity Program, and those who are not enrolled can apply for the new program when it becomes available. Once creators have signed up for the new program, they will no longer be able to access the Creator Fund. TikTok declined to say whether the Creativity Program will completely replace the Creator Fund, but it’s possible that TikTok will scrape the Creator Fund once the Creativity Program has widespread adoption and exits beta.

The launch of the new program in the US comes as TikTok has been testing it in France and Brazil for a few months. TikTok plans to launch the program in more regions soon.

“The Creativity Program Beta is designed to help developers fuel their creativity, generate higher revenue potential, and unlock more exciting real-world opportunities,” said in a blog post.

The new program expands TikTok’s current earning potential for developers as its biggest competitors also expand their offerings. This month, YouTube started sharing ad revenue with shorts YouTubers. Previously, no short video platform had figured out how to share ad revenue. The change gives Shorts a significant edge over the competition because if creators can make more money from YouTube Shorts than TikTok, they have an incentive to create original content for the YouTube platform.

However, TikTok’s new program shows that it’s focused on preserving its creator talent, as the company says it’s committed to finding new ways in which creators can be rewarded.

In addition to the revamped Creator Fund, TikTok is working on other ways to placate creators. The Information reported last week that TikTok is developing a paywall video feature that would allow creators to charge users $1, or any other amount of their choosing, for access to a video. The idea of ​​exclusive content for paying users isn’t a new concept, as Instagram allows creators to share content for subscribers only. If the feature is released, the feature would allow TikTok to better reward creators who are the driving force of the app as their viral videos have been vital to the app’s growth and popularity.

The new creativity program is the latest addition to the TikTok suite of monetization tools, which includes LIVE subscriptions and TikTok Pulse. The company also has features for monetizing tips and gifts.

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