TikTok has decided to support the next generation of content creators on its platform with a $2 billion TikTok Fund.
Chinese video-sharing and social networking platform TikTok has announced the launch of its Creator Fund that is meant to motivate its content creators. According to a blog posted on its official website, the company said that it expects this Fund to grow to over $1 billion in the U.S. in the next 3 years, and more than double that globally.
This is an ambitious plan that is seen to take head-to-head with American social media platforms like Instagram and Facebook. With the American big four tech companies already facing challenges over monopoly regulations, the Chinese counterparts seem to be shifting gears to a new market growth.
The platform prides in creators who’ve built careers through the platform. Whereby some include “LGBTQ+ TikTok Trailblazer, @bomanizer, whose humorous reality-show style videos caught the attention of CAA and Scale Management,” the company wrote. The company also cited Kentucky’s beloved father-son trio, whose content led to collaborations with brands like Colgate, Cheetos, and Little Caesars.
TikTok Haunts America’s Counterparts Launching Its Fund
Owned by China’s ByteDance, the company also enjoys huge home support. This is a huge competition for America’s tech giants that are fighting to control the other markets. According to Vanessa Pappas, general manager of TikTok U.S., the U.S. fund will start with $200 million. In addition, the fund will be distributed over the coming year and is expected to grow over that time.
Taking the competition supremacy challenge directly to the American battlefield. The company anticipates hammering more active users who will in turn help it in generating revenue.
With Chinese tech companies already enjoying huge government support, the competition will be unbalanced with other global tech companies. The overall winner remains the Chinese government that aims at controlling the leading global tech companies for their own benefit.
According to Pappas, the addition of the TikTok Creator Fund will build upon its ongoing commitment to support its creators through monetary opportunities.
Some of the existing opportunities include the $50M Creative Learning Fund, which introduces emerging teachers to the platform. The fund has so far benefitted over 1,000 U.S. creators, making it a significant American job creator at a much needy time.
In addition, the company has the TikTok LIVE streams, which bring earnings to U.S. creators over the age of 18. Another one is the TikTok Creator Marketplace, which helps brands discover and partner with innovative creators to collaborate on paid campaigns that drive awareness and attract new customers.