Tough times? Enter TikTok; a popular app in the advent of the COVID-19 pandemic. The app recently declared that it would be initiating a $200 million funding pool for creators on the platform.
This move of procuring a new fund to support the social media platform's most ambitious creators is amid the app's facing political inspection over its association with China.
This is ideal for one whose dream work is to crank out TikTok videos for a living.
The controversial app dubbed the said fund as the TikTok Creator Fund, a pool of $200 million for users in the United States "to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content," reported CNet.
The short-form video application has grown to become a gold mine for rare talent as famous creators including Addison Rae and Charli D'Amelio have transitioned their TikTok handles into full-time work.
The Creator Fund's objective is to "encourage those who dream of using their voices and creativity to spark inspirational careers," according to TikTok United States general manager Vanessa Pappas in a company blog post declaration, indicated Billboard.
Pappas wrote that TikTok is establishing the TikTok Creator Fund to acknowledge users whose goals include using their voices and creativity to serve as an inspiration to their followers.
On when the fund will be allocated, "The fund will be distributed over the coming year and is expected to grow over that time," reported The Wrap.
Qualifications, in order to apply for funding, include being 18 years old or older, meet a particular "baseline" for followers (which has yet to be divulged), and should post consistently to the social media platform. Applications will start in August.
This is a milestone for the budding company as the initiative is also to retain the top users and lure new users.
Users could only monetize their accounts previously through brand partnerships and livestreams.
The milestone marks the first major attempt from the app to compensate for content from creators. The new program will pay content creators directly for making short videos.
The number of users TikTok will accept or the amount of funding a creator will be paid has yet to be divulged by TikTok.
The app has been facing mounting criticism in the US over its handling of private user information and its association with China. The Trump government has called out to outright ban the trending app.
TikTok has responded by taking steps to present a more friendly face to America.
A few reporters are interested in why TikTok would be splurging hundreds of millions of dollars on its base.
"In a relatively short time, TikTok has grown to become a source of income and opportunity for creators and their families -- and we couldn't be more encouraged by their success," wrote Pappas.
Pappas added that as their community is thriving, they are obligated to foster more ways for their creators to earn a living set forth by joy and creativity.
TikTok is owned by a tech company named ByteDancebased in Beijing.
