TikTok has announced a £54 million ($70m) fund to pay creators in Europe for their content, marking the first time the app has made money available to users in the EU. The company says it hopes the move will help retain existing talent and attract new creators, allowing them to “foster a livelihood” from their videos.
Previously, European users could only earn money through livestreams or brand partnerships. The new fund, which follows a $200m scheme for US users launched earlier this month, will be distributed in regular payments over the next year. To qualify, creators must be at least 18 years old, have a certain number of followers, and post original content that adheres to TikTok's rules.
Rich Waterworth, TikTok's UK managing director, said: “The UK has a long history of creativity and that's why TikTok has really thrived here. Everyone has very different circumstances so we're hoping this funding will be able to support creators in a whole variety of ways - from supplementing their income or turning into a full-time job.” The company expects the fund to grow to around $300m (£231m) within three years.
James, a 24-year-old calligraphy creator with more than 70 million likes on his videos, said the fund could help artists make content they are passionate about rather than taking commissions from other people. He advised others to “focus on the content first”, adding: “If you're going into it thinking you want this to be a career then you're more likely to hit creative blocks if you're not doing something you love first.”
The announcement comes as competition for short-form video creators intensifies. Instagram is launching Reels, a feature for recording and editing 15-second videos, and Facebook has been offering money to TikTok creators to use the platform instead. YouTube recently announced a $100m fund to amplify content from Black users. Earlier this year, the UK's first “TikTok house” was revealed, where users live together to make content.
