TikTok has announced the discontinuation of its Creator Fund, a program that compensated users for creating content on the platform.

TikTok has announced the discontinuation of its Creator Fund, a program that compensated users for creating content on the platform.

TikTok has announced that it will pause its Creator Fund, which was set at $1 billion, in order to compensate users for their popular content. In its place, the company will introduce a new program that promises to provide creators with increased earnings.

In 2021, a new fund was introduced that allows content creators on TikTok with at least 100k views to apply for the chance to monetize their videos.

TikTok, which initially started the fund with $200 million in 2020, had stated that it would reach $1 billion in the U.S. within three years. CBS News has contacted TikTok to verify the amount that was distributed.

“I’m not a fan of TikTok,” he commented, mentioning that he earned approximately $0.025 for every 1,000 views on the platform.

Green’s YouTube channel has 1.64 million subscribers and he primarily shares vlogs and op-ed style content. One of his videos discussing TikTok has received 1 million views.

The Creator Fund was described as a “static pool” by him, as he noted that the amount of money TikTok pays creators remains the same even if the app is earning more from their content. In comparison, YouTube pays creators a percentage of the advertising revenue generated by their videos. This means that the more views and ad money a YouTube video receives, the more the creator can earn. However, it is not specified what percentage of the ad money is given to creators by YouTube.

The individual known as SuperSaf, with a following of 652.5K and 10.4 million likes on TikTok, responded to Green on Twitter, which is now referred to as X. They posted a picture displaying their earnings of approximately £112 or $137 U.S. dollars from the Creator Fund over the span of 10 months.

“I have earned this amount from the TikTok Creator Fund since April 2021, with more than 25 million views during that period,” tweeted the creator, who posts tech product reviews on TikTok, to Green.

Mr. Beast, who is popular across social media platforms and has a whopping 88.9 million followers and 882.1 million likes on TikTok, also replied. The creator, who shares prank and stunt videos as well as heartwarming videos, often handing out money to the unsuspecting, said he made about $14,910 in about 10 months on the fund.

Mr. Beast has 208 million subscribers on YouTube – more than double his following on TikTok. It is unclear how much he makes off that platform in one year, but Forbes listed Mr. Beast as its top content creator in 2023 and said he has 

He made a profit of $82 million from his YouTube channel. channel and other business ventures. 

TikTok has introduced a new program as it winds down the Creator Fund. According to a spokesperson for the company, the Creativity Program was created using insights and feedback gathered from the previous Creator Fund. TikTok recognizes the importance of community feedback in enhancing the platform and rewarding creators, and will continue to listen to their insights in making future decisions.

The spokesperson for CBS News confirmed via email that the Creator Fund, previously accessible to creators in the U.S., UK, Germany, and France, will no longer be available after December 16, 2023. Creators currently enrolled in the fund can transition to the new program.

According to the TikTok website, the company has announced a new program that is currently in its beta stage. This program has the potential to increase creators’ earnings up to 20 times more than what they were earning through the Creator Fund. Users who are 18 years or older, have at least 10,000 followers, and have accumulated at least 100,000 video views within the last 30 days are eligible to enroll in the program through the app.

According to TikTok, the optimal method for sharing content is to post videos longer than one minute, along with shorter videos. They claim that 50% of the app’s users spend their time watching videos longer than one minute. Users have the option to upload videos up to 30 minutes in length or record videos within the app that can be up to 10 minutes long.

Content creators on the app who have a significant number of followers have the opportunity to earn income by collaborating with brands. This involves receiving payment from companies to advertise and endorse their products. In some cases, popular creators may also sign contracts with talent agencies to represent them. Additionally, the platform can be utilized by creators to advertise their own ventures, such as podcasts, comedy performances, or online businesses.

Caitlin O’Kane

Source: cbsnews.com