TikTok launched its Creator Fund in 2020 to help its users derive income from their content. While the Fund started with $200 million USD in it, it’s rapidly grown over the past three years to upwards of $2 billion USD from which creators were paid out.
The platform has announced it’ll be shutting down the Creator Fund in lieu of a new scheme called the Creativity Program. Sharing the news in a blog post, TikTok outlined some of the rules and regulations of the Creativity Program.
For started the Program will automatically replace the Fund beginning December 16 in the US, UK, France and Germany. Eligible creators will be able to “upgrade” to the beta of the Program but once enrolled, won’t be able to switch back to the Fund.
While payouts for the Program are expected to be higher per view count compared to the Fund, the bar for joining has also been raised. The Fund required creators to have a minimum of 10,000 followers, a standard that’s been carried over to the Program.
Creators also need to have racked up at least 100,000 video views in the last 30 days and post videos at least one minute long. Revenue is calculated per 1,000 views, factoring in view engagement and the “authenticity” of the viewing account.
The Creativity Program is launching with a $200 million USD fund to start and while in the beta phase, participation will be by invite-only.
In other tech news, OpenAI says ChatGPT clocks 100 million active users weekly.
