TikTok are launching their second multi-million dollar Creator Fund to help creators on the platform earn a living off short-form video production.
TikTok recently announced a $200m Creator Fund in the US via a blog post, before updating this with a promise of $1bn to be shared over the next three years. “We have seen an incredible response to the Creator Fund and are excited to share that we expect this Fund will grow to over $1 billion in the US in the next 3 years, and more than double that globally. We will be sharing more information about the application process soon!”
Via another recent blog post, to celebrate two years in the UK, TikTok unveil plans to launch their second Creator Fund, this time focuses on those in the UK and Europe. This fund promises $70m (approx. £54m) over the first year, with an expected $300m (approx. £231m) over the course of three years.
These funds are “giving talented individuals the opportunity to turn their creativity into a career.” Details on how to apply will come from TikTok in the next few weeks.
These Creator Funds come as tensions rise between the US and Chinese-owned company ByteDance (TikTok’s parent company), with continuing developments pointing towards a potential TikTok ban in the US. Relations between the UK and China are not at a stage ByteDance would like either. ByteDance recently scapped plans to build a TikTok HQ in London as a result. Will these funds to American, British and European creators ease tensions?