Publish: 24 Jul 2020, 01:12 pm
TikTok unveiled plans for a $200 million "creator fund" to bring material from rising social media personalities to the fast-growing video sharing app.
The new US fund will “help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content,” said Vanessa Pappas, general manager of TikTok US.
The step comes with TikTok seeing a strong momentum, especially among young smartphone users, as US lawmakers and officials raise concerns about its ties with China.
Pappas said that with the fund, “our creators will be able to realize additional earnings that help reward the care and dedication they put into creatively connecting with an audience that’s inspired by their ideas.”
The Fund will be open in August to US applicants 18 years of age or over who have a follow-up channel who must publish original material in accordance with the Community Guidelines.
The move could further boost interest in TikTok, which has seen its user base rise to an approximate one billion.
Until now, TikTok has been utilizing the Facebook-owned Instagram format, which enables users to upload funded content, albeit without direct remuneration from the website.
TikTok said that he plans to recruit about 10,000 US workers in the next three years while he faces questions regarding his relations with China.
The Chinese-based ByteDance service, TikTok, has been blocked in India, and US officials said they were looking at potential measures against the device.
A legislation introduced by the U.S. House of Representatives would prohibit public staff from accessing the government-issued software over fears that it might be used for spying.
Amid reports of a possible spinoff or buyout of the app, TikTok has said the company’s structure is under review.