TikTok is introducing a new way for creators to earn money on its platform. The company announced on Tuesday that it’s launching the “TikTok Creative Challenge,” a new monetization feature that allows creators to submit video ads to brand challenges and receive money based on video performance. TikTok Creative Challenge is currently in testing as with select brands.
To be eligible for the new feature, creators must be at least 18 years old and have a US-based account with a minimum of 50,000 followers. Once enrolled in the TikTok Creative Challenge, creators will be able to browse through a list of challenges, and view the reward pool, additional details and requirements.
“Submissions should be high-quality, well-edited, original content,” TikTok explained in a blog post. “Once submitted and approved, creators can see the status of their submissions, view performance and check monthly earnings. Rewards are influenced by many factors, including qualified video views, clicks and conversions. Creators will receive notifications for their submissions if revisions are necessary, with the option to revise or appeal.”
Videos that creators submit will not be displayed on their profiles. If their video is approved, it will run as an ad on the app’s For You Feed.
TikTok says creators who are enrolled in the program will get access to resources, including a dedicated Creator Community group and Mentor Program to connect with other creators.
The idea and premise behind the TikTok Creative Challenge is somewhat similar to that of Pearpop, an LA-based startup that facilities brand-to-creator collaboration as well as creator-to-creator collaboration. Pearpop allows creators and brands to buy collaborations with celebrities like Madonna and creators like Sommer Ray. These celebrities and influencers are able to sell the chance to collaborate with them. Or, they can run “challenges” that invite people to post using a specific prompt or sound on TikTok or Instagram for the chance to receive cash rewards determined by engagement milestones.
TikTok’s new offering follows the same sort of model by helping creators cut down on the amount of time and effort it takes to reach out to brands to try to get brand deals.
It’s worth noting that the new feature comes as TikTok opened its revamped creator fund, called the “Creativity Program Beta,” to all eligible creators in the United States last month. TikTok says the new program is designed to generate higher revenue and unlock more real-world opportunities for creators. To be eligible for the program, creators must have a U.S.-based account, be at least 18 years of age and have at least 10,000 followers and at least 100,000 views in the last 30 days.
The TikTok Creative Challenge is the latest addition to TikTok’s suite of monetization tools, which includes LIVE subscriptions, Series and TikTok Pulse. The company also has tips and gifts monetization features.
TikTok’s new monetization feature invites creators to make video ads for a chance to earn money by Aisha Malik originally published on TechCrunch