TikTok's $1 billion creator fund to close on December 16, switch to new rewards program

News from this site on November 7, according to The Verge, TikTok has informed platform users today that it will close its initial creator fund on December 16, 2023.

The fund is a US$1 billion (note on this site: currently about 7.28 billion yuan) creative rewards, paid to creatives from the United States, the United Kingdom, France and Germany who publish content on the platform By.

TikTok spokesperson Maria Jung said creators in the U.S., U.K., Germany and France will no longer be able to monetize their content through the fund. TikTok users in Italy and Spain will not be affected by this change.

This site inquired and learned that the creator fund was initially launched in 2020, and TikTok promised to pay US$1 billion to short video creators within three years.

The report said content creators noticed the fund’s low returns on creation — sometimes as little as a few dollars for millions of views — making it impossible for them to solely fund the Creators Fund Make a living. TikTok did not respond to questions about whether it had spent all of its $1 billion.

In February of this year, TikTok launched a new creative reward program: the Creativity Program. Unlike the original fund, this program requires creators to produce videos longer than a minute. TikTok said revenue will be based on views and other engagement metrics, rather than a pool of funds from which payments will be made public. TikTok has been inviting eligible creators to switch into the new program since it went live.

TikTok spokesperson Maria Jung said creators can earn up to 20 times the amount they would have earned under the original fund. Creators in the US, UK, Germany, and France will also be able to move to the new rewards program.

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