With so many individuals losing income as a result of the coronavirus, individuals are seeking alternative cash sources and earning opportunities. Many people make money on social media by becoming social influencers on Instagram, Twitter, and Facebook. TikTok is the fastest growing of these social apps.
The question then arises: How and at what cost do you earn money on TikTok?
Here’s what you need to know if you’re building a TikTok following and want to monetize it.
Making Money on TikTok
TikTok monetization was not always the standard. There were few branded posts in TikTok’s early days. As more businesses enter the space, it is becoming easier for creators to offer opportunities for sponsored content on social network.
It is also actively assisting viewers in monetizing their viewership without the assistance of brand agreements. TikTok’s integration with Teespring, which was revealed in late August 2020, allows creators to sell items directly to their followers.
As TikTok’s popularity grows, more businesses are coming to the app, bringing with them possibilities to generate real money for creators.
Create Your Brand
Anyone who has taken a marketing class understands the basics, and it is the same for any business you start. Who are you, and who will be interested in your goods (target market)? For TikTok, this implies you should have a plan for the sort of videos you’ll publish and stick to it.
Post content that people want to watch
Put up content that people want to see. You are just as excellent as your content, just like any other social media network. Being a social influencer, whether on Instagram, Twitter, or TikTok, takes a lot of time and effort. Your content must be current, fascinating, one-of-a-kind, and up to date. Every day, this means a slew of fresh videos.
This is arguably the most essential stage because it is the result of performing Steps 1 and 2 really well. Do you remember Easterling? She has almost 54 million TikTok followers. Estimates range from 10,000 to a million followers required before you can truly monetize your account. The greatest approach to get followers is to understand what your target market wants to see and to provide them with high-quality content many times each day.
How to Monetize Your Tiktok
Once you’ve amassed a significant following on TikTok, you may begin earning real money. Here are five methods to make that money:
1. Promote a Company or Brand
Creators may use their videos to help brands or businesses in the introduction and promotion of new goods.
Mucinex, a cold and flu medication, was an early example of TikTok influencer marketing. During the cold and flu season, Mucinex collaborated with artists to market its products. The brand created the #BeatTheZombieFunk competition, inviting TikTok stars such as the brother-sister combo OurFire to take part.
Creators who do not have representation and want to get started with brand sponsorships can reach out to brands and businesses directly or locate possibilities through TikTok’s official Creator Marketplace.
2. Product Sales
Creators who wish to directly monetize their audiences without depending on advertising revenue from brands can offer items and items to their audience. Because of TikTok’s relationship with Teespring, creators may now sell goods straight within the app. TikTok artists may now choose from 180 different items to modify their designs thanks to the integration.
TikTok and Teespring will launch an initial cohort of 7,000 creators in September 2020 to test the connection. They are anticipated to announce how other developers may begin using the integration.
Creators can also include links in their bio to a personal website or another merchandising platform where fans may buy items.
3. Audio Sponsorships
TikTok is a platform that prioritizes audio, with songs and audio clips frequently going viral on the internet — for example, Lil Nas X’s Billboard 100 smash “Old Town Road.”
Artists seeking to follow in the footsteps of Lil Nas X have begun to pay TikTok influencers to put their music in postings. Skylar Krupa, a creator who broadcasts videos of his grandparents, has utilized this approach to monetize his increasing fanbase. He charges $25 for every 25,000 followers.
Because there is no official mechanism to negotiate audio sponsorships, adolescents who wish to monetize their following in this way, or even grandparents in the case above, must contact musicians personally or through artist management teams.
4. Convert Gifts to Diamonds
TikTok producers may earn money by hosting live broadcasts in which their followers send them presents purchased with virtual coins acquired within the app. Creators may then turn these presents into “diamonds” (TikTok’s virtual credits), which may be redeemed. Fans must be at least 18 years old to acquire coins.
Creators who are 18 years old or older can withdraw diamonds at any time for a monetary value determined by TikTok. Payment is paid to the creator’s PayPal account of choice. TikTok sets daily withdrawal limitations, which are displayed throughout the withdrawal procedure.
5. Get Paid by TikTok
TikTok wants to assist its most successful creators in succeeding and earning money entirely through the site. In pursuit of this goal, it has established a $200 million creator’s fund, which it aims to expand to $1 billion by 2023. TikTok will pay creators directly for producing videos using this initiative.
TikTok has remained tight-lipped on how much creators may earn and how many creators would receive financing, as well as the minimum number of followers required to qualify. Some TikTok experts claim that you must have at least 10,000 followers and 10,000 views on your profile within the previous 30 days, however, the platform has not confirmed this.
TikTok creators can apply via their TikTok profile. If you meet TikTok’s minimal standards, you will receive an invitation to apply directly from TikTok in the notifications area of your messages.
How Much Do TikTok Stars Make?
But how much money can you actually make with TikTok? The typical TikTok user may earn between $10,000 and $20,000 a day (with seven million followers). They accomplish this by promoting items from emerging businesses in the form of advertisements. Celebrities, on the other hand, may expect to earn seven figures through endorsements and sponsorships from various companies.
TikTok as a Side Hustle
TikTok’s popularity is growing, and the app’s monetization options will become more profitable as it grows. If you are prepared to put in the effort to grow your following, you may be rewarded financially.
This platform may be perfect for creative people who want to make money on social media without putting in the time and effort that sites like YouTube and Instagram normally demand. To thrive on TikTok, you’ll need a thorough grasp of the platform’s intricacies and culture, which might also require a significant time investment.