It can be your spirit of entrepreneurship or perhaps you've heard of Tiktoker Addison Rae, a 21-year-old owner of a Tesla Model X; or maybe you thought, "Hey, might as well monetize this," after seeing the "screen time" warning from your phone, which passive-aggressively informs you that you are addicted to the internet.
Many individuals have already discovered how to make money on TikTok, and some view it as a full-time profession. Before we explain how to monetize your TikTok account, let's get to know what is TikTok first.
You can share short videos using the social networking platform TikTok. More than one billion people use the app's worldwide version. After WhatsApp, it has the second-highest global download rate in 2019.
The 15-second short videos that users may create and share are the center of TikTok. The most engaging TikTokers are those who produce engaging material, frequently incorporating dance and music.
TikTok isn't only a music and dance app, though; there are accounts that concentrate on a range of subjects, including personal finance.
The platform, which was derived from the lip-syncing software Musical.ly, is owned by ByteDance. Posts can be set to samples of the newest commercial releases, and music is still a big part of the experience.
The way TikTok picks videos for you is what makes it different from other social mediaplatforms. Users can view videos that friends have shared as well as videos that the company's software algorithm suggests to them.
TikTok digs deep into user behavior on the app to determine their tastes, as opposed to Facebook, which makes contentrecommendations based on your friends' activity. If you create the perfect material, you might possibly reach millions of viewers.
And this clarifies a key aspect of TikTok's popularity. Theoretically, anyone may become "TikTok famous"; making popular videos doesn't require being a reality TV star or a famous athlete.
When you factor in the hashtag challenges from the app, the experience resembles a talent show.
TikTok has developed into one of the apps with the highest rate of growth in recent memory, surpassing the 1 billion active user mark in 2021. ByteDance, a Chinese business, distributed it in other countries in 2017. ByteDance's valuation reached $400 billion last fall as a result of the app's success, according to the South China Morning Post.
Influencershave amassed millions of dollars on well-known platforms like YouTube and Instagram thanks to advertising revenue and paid promotions.
A few of TikTok's most well-known accounts are also making big money. Forbes reports that clever TikTokers who took advantage of the app's popularity made over $55.5 million in total last year.
In light of TikTok's enormous audience, can regular influencers who figure out how to use it earn money?
You must be 18 years of age or older, have more than 10,000 followers, and have received at least 100,000 views in the past 30 days in order to earn money directly on TikTok. The TikTok Creator Fund application is then available within the app.
It takes a little innovation to monetize TikTok. There are legitimate, app-funded ways to make money on the network, but there are also many additional opportunities, even if you don't have a large following.
Many TikTok users have already achieved financial success with the app, much as social media creators active on other platforms. The methods you can use to make money on TikTok may appear novel, yet they are likely already well-known to you.
The methods you use to monetize your account will affect your revenue on TikTok, which you can learn more about below.
Every single way you can make money on TikTok in 2023 (the honest truth)
We have listed four ways how to get rich by being a famous Tiktoker. Read on!
1. Get TikTok’s Creator Fund Payouts
Although Creator Fund payments aren't determined only by views, some TikTokers told Insider that the effective compensation for videos has only been a few pennies for every thousand video plays.
Hank Green and MrBeast, two well-known TikTokers, have spoken out against the poor payouts. Green revealed in a January YouTube video that he received between $0.02 and $0.03 for every thousand views on TikTok.
According to records he provided to Insider, personal finance influencer Preston Seo, who currently has 2.1 million TikTok followers, made a total of around $1,664 from the Creator Fund between January 2021 and May 2021. His TikTok account makes an average of $9 to $38 every day.
Announcing a new Creator Fund on July 22, 2020, TikTok promised to donate 200 million USD to "encourage those who dream of using their voices and creativity to spark inspirational careers."
A week later, they declared that the fund will increase to $1 billion by 2023. How do you obtain that lovely creator money then? Before applying, you must check out a few boxes on the application:
- Have at least 100,000 video views in the last 30 days
- Have at least 10,000 followers
- Be at least 18 years of age
- Be located in the US, UK, France, Germany, Spain, or Italy
- Have an account that complies with the terms of service and community guidelines for TikTok
If you own TikTok Pro, you can use the app to submit an application for the Creator Fund (the best things in life are not free).
2. Partner With A Brand You Trust
TikTok defines sponsored content as something for which you receive anything of value. Yes, that is the goal.
For instance, you might be paid by a company to film a TikTok video praising the wonderful scent of their soy candles, or you might be given a free hotel staycation in exchange for your post.
And brands are keen to engage in such compensated collaborations. According to research on influencer marketing, 68 percent of U.S. marketers intended to utilize TikTok for influencer campaigns in March 2021, up from 16 percent in December 2019. In other words, the use of influencer marketingis skyrocketing.
A TikToker may make between $100,000 and $250,000 for a branded video, with most well-known influencers making up to $500,000 each post, according to Forbes. Your profits are based on your engagement rate, or how frequently viewers interact with your account and like and comment on your brief videos, as well as how many TikTok followers you have.
Companies like to collaborate with people that have a following that knows and trusts them, according to the same eMarketer report, especially in light of the COVID-19 pandemic and ongoing social justice campaigns.
This brings us to a crucial point: avoid looking to collaborate with businesses whose viewpoints differ from your own. You alone determine how you interact with your audience. Your followers might be interested in your motivational soup metaphors, your mastery of multiple languages, or your manicure, but they are also interested in your moral principles.
3. Use Tiktok To Advertise Your Products
Making TikToks that showcase your products and all the features that make them special is the most obvious way to make money if you already have merchandise. Make sure your bio contains a link to your store.
You can even design your own custom merchandise, much like the proud gay icon and Italian Greyhound Tika the Iggy did. Thomas Shapiro, the dog's owner, offers items with the Tika logo online. Fenty Beauty and Cocokind, two makeup companies, are also dominating the merchandise market.
4. Live Broadcasts
Live broadcasts are the easiest way to monetize on TikTok. On TikTok, popular producers can receive "coins" as gifts from their fans when they broadcast live. You can buy coins while you're a Tik Tok user by going to your profile. One hundred coins can be purchased for $1.39.
After that, you may contribute cash to your favorite TikTok creators when they go live as a means of saying thank you for their work. It resembles a virtual currency in certain ways. A user may purchase between 100 and 10,000 coins. A creator can use PayPal to convert their coins into actual money once they've received a particular number of coins.
A creator must have at least 1,000 followers in order to go live. It also isn't sufficient for creators to simply go live. They must participate in the live broadcast by addressing their fans by name and posing queries.
The amount of money that TikTokers can generate from their lives has a cap, though. For instance, the most amount of money a TikToker is thought to make while streaming is between $2,000 and $4,000. Some designers will even go so far as to mail their followers in order to solicit financial support.
And in return, the creator will acknowledge them with a "shoutout" during their live. It is likely that you will earn a lot of followers just as a result of the creator shouting out your username on their account if they have a large following themselves.
Your ability to make money by producing branded clips and sponsored videos on TikTok increases with the number of followers you have. Your chances of achieving high-earner status are improved by a larger and more engaged fan following.
You may do things to increase the number of people who follow you on TikTok. There is a catch, though: Although the methods are straightforward, achieving high-earner status takes time. It takes time, persistence, and a lot of work to expand your TikTok audience. Think about using these suggestions to increase your TikTok revenue and fan base.
This would be the biggest lesson of the big book on social networking if it had one. And despite how difficult it may be to accept that authenticity matters in our heavily censored world, internet consumers crave authentic material.
In this 2019 study, 90% of the 1,590 respondents polled agreed that authenticity is crucial for online engagement, however, only 51% thought less than half of brands produced content that resonated as authentic.
Stay loyal to yourself whether you're following a craze for dancing or flaunting your crocheted frogs. It's the most reliable technique to generate loyal followers and, ideally, money.
Determine who would be interested in your short videos based on your hobbies and talents. Don't be too broad because there is a lot of competition on the site. Focusing on a narrower, more specialized niche can increase your chances of gaining a following.
The secret to building a following is to make videos that stand out from the competition. In order for your audience to know you, make sure the style of the videos you produce is constant. Make sure your viewers find your videos intriguing. Asking family, friends, or other TikTokers to view and comment on your video is an excellent strategy. Their constructive critique may help you see things differently or perhaps point out issues you might have overlooked that you should address.
Although it's best to steer clear of caution, the laws surrounding posting sponsored material and disclosing when you receive free goods are rather hazy.
Make sure to use TikTok's branded content toggle when appropriate since it adds a disclosure for you (#Ad).
If you're unsure about where to begin, scroll. It's likely that some of your favorite creators profit from TikTok. Look at what they are doing, such as brand deals, T-shirt promotions, and writing out their Venmo in an alphabet soup, and try to implement those similar tactics.
Post videos frequently to keep your audience interested. It's up to you to create a timetable you can stick to; just be sure to consistently publish new footage so your profile doesn't appear to be dormant.
If you're concerned that your schedule may become too hectic to publish frequently, think about blocking out a few hours each week to make a batch of quick videos that you can upload later.
Your fans will lose interest if every single one of your TikToks is promotional or paid content. You must maintain composure.
Cosmetics artist Bretman Rock publishes collaborations with Yves Saint Laurent in addition to his favorite Filipino cuisine, humorous video outtakes, and of course the makeup and fashion stuff that first attracted all of his followers.
An active profile demonstrates to marketers that you are able to produce videos that elicit a reaction from your audience. Don't forget to interact with your followers once you've been producing original content that is tailored to your particular niche on a regular basis. Run contests, request that viewers tag friends in the comments, and don't forget to respond to any remarks left by others in order to keep the dialogue continuing.
Promoting tracks in videos is one of the most well-liked strategies for TikTokers to monetize their accounts. In an effort to make a new song go viral, music marketers and record companies frequently pay TikTok users to post on the app.
TikTok Influencers Nicole, Natalie, and Nika Taylor have over 10 million followers on the app. They revealed to Insider that they charge $750 for a single video, $1,400 for two videos, and $2,000 for three videos to promote a song.
Rates are more erratic for micro-influencers who have fewer followers, but they can range from $20 to $150, according to Austin Georgas, a former senior account manager at the Gen-Z media businessFlighthouse who specialized in music marketing.
How Much do TikTokers Make?
It might be challenging to estimate the actual amount of money TikTokers earn. Where they live and where their followers live have a big impact on how much money they make.
TikTok does not pay its producers through adverts as Youtube does. Nevertheless, content creators with 100,000 or more followers might earn $200 to $1,000 per month. With one million or more followers, creators might earn between $1,000 and $5,000 per month. However, people with fewer than one million followers typically make no money at all.
According to studies, TikTok stars might earn up to $1M every post when it comes to how much money they make from their viral posts. Addison Rae, Charli D'Amelio, and Dixie D'Amelio are some of the most popular users of TikTok who are based in the USA.
Users have received at least 100,000 video views in the previous 30 days, must be 18 years of age or older, and have a minimum of 10,000 followers in order to get money directly from TikTok. When they attain that amount, they can use the app to submit an application for TikTok's Creator Fund.
A TikToker may earn a few hundred thousand dollars every month. Depending on their popularity, a TikToker may make between $2,000 and $20,000 every post. A few hundred dollars a month is all that the majority of TikTokers make. They make the majority of their money via brand partnerships and sponsored posts.
For every 1,000 views, TikTok rewards content creators $0.02 to $0.04. Accordingly, you will receive $15 for every 500,000 views and $40–$50 for every million views. We are aware that it seems absurd, especially in light of YouTube's payment of $2,000 to $4,000 for a million views.
The fastest-growing platform in the world, TikTok, is still expanding at a rapid rate. Nowadays, everyone, from celebrities to regular individuals, uses the thriving social media platform for social media marketing.
So, if you want to earn extra money, follow our guidelines on how to get rich by being a famous Tiktoker mentioned above!