TikTok has announced a $ 70 million (€ 60 million) fund to pay European creators for their content.
A few days ago, the company announced a similar fund of $ 200 million for US users, but this is the first time that the application has made money available to users in Europe.
TikTok’s goal is to maintain existing talents and attract new ones. The app says it wants to “help support ambitious creators” and says it hopes it will allow users to “nurture a livelihood.”
“Each one has very different circumstances, so we hope that this funding will be able to support creators in a wide variety of ways – from supplementing their income to becoming a full-time job,” says TikTok
To be eligible for the new EU fund, users must be over 18 years of age, have a certain number of followers, and be posting original content that follows the TikTok rules.
The company has not said how it will choose users, but the money will be released to creators in periodic payments over the next year.
TikTok says it expects the fund to grow to around $ 300 million (255 million euros) in three years “giving talented individuals the opportunity to turn their creativity into a career.”
Facebook-owned Instagram is launching Reels, allowing people to record and edit 15-second videos with music and audio, and upload them to their stories and Instagram’s Explore feature. Facebook has been offering TikTok creators money to start using Reels instead.
YouTube, which allows users to monetize their channels, also recently announced its own $ 100 million funds to “amplify” content for black users.