Friday, 31 July 2020

TikTok launches £54m fund for European creators to make videos

chimbwara tecTikTok is launching a $70 million (£54m) fund to pay some European creators for their content.

It's the first time the app's made money available to EU users. It wants to hold onto existing talent and attract new ones.

The video app says it wants to "help support ambitious creators" and says it hopes it will allow users to "foster a livelihood".

Previously, users only made money with livestreams or brand partnerships.

A similar fund, of $200m, was launched for US users earlier this month.

But there have been calls for the app to be banned in America due to security concerns.

Extra cash or 'full-time job'

"The UK has a long history of creativity and that's why TikTok has really thrived here,"says Rich Waterworth, the UK managing director of TikTok.

"Everyone has very different circumstances so we're hoping this funding will be able to support creators in a whole variety of ways - from supplementing their income or turning into a full-time job."

To be eligible for the new EU fund, users must be 18 years or older, have a certain number of followers and be posting original content that follows TikTok rules.

The company hasn't said how it will choose users, but the cash will be given to creators in regular payments over the next year.

'TikTok already seen as a career'

"Before this, trying to rationalise working short form - when you can get direct ad revenue on other platforms for longer form content - was a difficult task," says James, who's 24 and has had more than 70 million likes on the calligraphy videos he shares on TikTok.

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