In the current times when job opportunities are persistently dwindling, digital platforms like TikTok, YouTube and Instagram are a great source of hope for the ones who run away from the monotonous desk jobs. Ever since these platforms came to the tech world, creativity has been ever flowing and it actually feels great when it gets paid off at the end of the day; after all, the creators too are creating content with a lot of hard work and passion.
However, the money that creators make on TikTok hasn’t always made them happy. Several participants in the initial $1 billion creator fund, established in 2020, have claimed they only make pennies when their work isn’t going viral because funding was only provided for three years.
To mitigate this, TikTok recently has come up with “Series”, a new initiative that enables content producers to create collections of videos that can be bought. Up to 80 films can be included in each collection, and segments can last up to 20 minutes, which seems more like a YouTube vlog than a short TikTok. Fans will be able to purchase access by using direct in-video links or via the creator’s profile page, and creators will be able to set their prices between $1 and $190.
Intrigued right? Let’s learn more about it!
The all new- paywall feature
Influencers can produce “collections of premium content” using the Series function. The collection may contain up to 80 videos, each with a maximum runtime of 20 minutes. In contrast, a video can currently be 10 minutes long at the most.
Prices for collections range from 99 cents to $189.99. To view the premium material of the creator, users must pay the price indicated by the creator. Creators are free to choose the price for their Series that, in their opinion, most accurately reflects the worth of their premium material.
Direct links within the videos or a creator’s profile are both available for purchasing access to the content. A company representative informed TechCrunch that for a limited period of time, authors will be permitted to retain 100% of their earnings after any applicable costs. TikTok is probably going to start taking a cut in the future, but it didn’t specify how much. It’s important to note that users won’t be able to submit adult content using Series, as Series content.
When it starts collecting a piece of the revenue as well, TikTok didn’t disclose how the cut will look. Although producers will be able to upload films and monitor performance using a new Series website, purchases must be made through the TikTok app.
The platform said- “From the top collection of must-know spreadsheet shortcuts to the most effective workouts or the latest baked oats recipe, the diverse range of valuable and entertaining content on TikTok has quickly become a part of a billion people’s lives around the world.”
In response to feedback from creators on its current revenue-generating initiatives, such as its Creator Fund, TikTok claims to have developed the new program. The fund, which compensates creators of popular videos, started operations in 2020 with a $1 billion pledge divided over three years. The idea has drawn criticism from creators who have complained about the paltry compensation. TikTok is now acknowledging these concerns by launching the new program.
With the new monetization tool, app makers now have another way to monetize their content. Only a few creators have access to series right now, but applications to join will be accessible in the upcoming months.
Two weeks before the release of the function, TikTok had just begun testing the “Creativity Program,” a revised creator fund. The initiative is meant to increase revenue and give creators access to more options. The Creativity Program is now only accessible via invitation to a restricted group of creators; it will soon be open to all qualifying creators.
Also read: Here’s What You Need to Know About Enabling Auto Scroll on TikTok!
How to use the feature?
Only a few creators have access to the feature at this time. In the next months, TikTok intends to introduce Series to additional influencers. By purchasing the premium content through in-video links or the creator’s profile, followers can gain access to it.
For a “limited time,” the platform promised that the creators would receive 100% of their earnings. “Creators can select how much their Series should cost that best reflects the value of their exclusive content, which can be purchased for access via direct in-video links or through a creator’s profile,” TikTok explained.
It further said- “Through Series, creators can build even stronger relationships with their viewers while also giving viewers another way to support creators.”
Also read: Why Are Capybaras So Popular on TikTok? Know About the Viral Capybara Trend on TikTok!
Summing it up
As a digital platform, it’s really important for it to go by the wants of the users. In light of the increased competition from other businesses, TikTok’s most recent announcements demonstrate that it is trying to satisfy creators by providing them with new options to make money through its platform.
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