San Francisco: Short video-sharing platform TikTok has launched a $200 million fund to offer financial support to top creators in the US.
Called the TikTok Creator Fund, it will encourage those who “dream of using their voices and creativity to spark inspirational careers”.
“The US fund will start with $200 million to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content”Vanessa Pappas, General Manager, TikTok US, said in a blog post on Thursday.
The announcement comes at a time when the platform is facing criticism in several markets, including the US.
The Donald Trump administration, which accused TikTok of sharing user data with the Chinese Communist Party, even hinted that it was considering a ban on the app.
TikTok, which is among the 59 Chinese apps recently banned by India, has denied the allegations.
The $200 million funds that TikTok has now announced for creators in the US will be distributed over the coming year and is expected to grow over that time.
The platform, however, did not disclose how much money each creator will receive for their videos and how frequently.
TikTok said the addition of the new fund builds upon its ongoing commitment to support its creators through commercial opportunities including its $50 million Creative Learning Fund, which introduces emerging teachers to the platform — and has benefitted over 1,000 US creators who have been affected by the global pandemic.
“Through the TikTok Creator Fund, our creators will be able to realise additional earnings that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas”Pappas said.
To be eligible, users must be 18 years or older, meet a baseline for followers, and consistently post original content in line with its Community Guidelines.
The fund will open to applications from US creators beginning in August.