How are people making money on TikTok? We all know that TikTok has become a popular social media platform but do people really make money on the platform?
Despite the United States government’s threats of banning the app, TikTok is still attracting new users and advertisers.
So, can we say TikTok is here to stay or is it too early to say that? Well, it seems that the US Commerce Department has halted a ban on TikTok for now. However, nobody actually knows what will happen next.
Banning TikTok in the US will mean that users over there won’t be able to download the social media app via the app store. However, they can still be able to manually install the app and use it as usual.
How are people making money on TikTok?
Nowadays, the internet is a place to make money legally and illegally. The scammers are using the internet to con unsuspected people and millions of dollars have been lost to this despicable behaviour. However, you can still make money online legally.
The formulae to make money on TikTok is the same as in other platforms like YouTube, Instagram, and Twitter. It’s all about creating awesome content to establish yourself on the platform. So, all you have to do to establish yourself is to create and post great content to get more people to follow you.
#1]. Influencer marketing / advertisements
Influencer marketing has become an essential marketing strategy for top brands and small businesses. It is a type of social media marketing that uses endorsements and product mentions from influencers.
This means you can get top brands and small businesses to advertise their products and services with you. However, you’ll need to have a dedicated TikTok following to be able to convince businesses to advertise.
In other words, this largely depends on your follower counts. It is much easy if you know how to grow your TikTok followers so that you can have the right numbers of followers the brands are looking for. Some brands may want you to do a one-off campaign for them while others may be interested in continuous adverts.
#2]. Tik Tok creator fund
The Creator Fund gives TikTok’s best and brightest the opportunity to earn money with their creative talent. TikTok Creator Fund in the US worths about 200 million dollars for the platform users in the United States.
So, if you are based in the US you can apply for this fund but mind you, it comes with terms and conditions. For you to qualify for the fund, you have to be 18 and have at least 10,000 followers, and at least 10,000 views in the last 30 days.
Also, you are not left out if you are in Europe. TikTok has also introduced a creator fund for European users starting with $70 million. The fund is available to thousands of creators across our European launch markets which include the UK, Germany, Italy, France, and Spain.
#3]. TikTok gifts
TikTok gifts offer another great way to make money on TikTok and you can actually make a lot of money through it. But how do the TikTok Gifts work? TikTok Gifts are some kind of gifts TikTok users can give influencers or content creators. To get TikTok gifts, a user will purchase TikTok coins which are available in different bundles.
The coins are automatically added to your TikTok account when you make a purchase. Users can then use the coins to buy a variety of unique virtual gifts. Your fans can then use these virtual TikTok gifts to reward you as their favorite content creator on the platform.
Fans can send you gifts in various amounts and forms by selecting ‘Give Gift’ below your video. When people give you gifts, their name and the type of gifts they give will show on the video (this may be good for content creators as it can encourage more fans to give gifts).
The gifts you received from your fans will be converted into diamonds which can be exchanged for cash. When you make enough diamonds, you can collect the cash via PayPal or another verified payment service. The minimum withdrawal amount is usually $100 while the maximum amount is $1,000 weekly.
#4]. Sponsorships and brand ambassador
Brand ambassadorship involves being paid to endorse and promote a company or brand on your TikTok page. This is usually a long-term deal and it’s a bit different from influencer marketing. Businesses are paying content creators to create content to showcase, review, or promote a product or business.
This is very similar to what you will see on Instagram, YouTube, and other popular video platforms. Do you know that brand deals on TikTok can get you from $300–$20,000? However, this largely depends on the size of your audience. This is how most of the content creators are making money on TikTok.
#5]. Ask people for donations/supports
Asking people for donations is a common practice on social media platforms like YouTube. It has been one of the best ways for bloggers to make money online. This practice can be a source of income for content creators on TikTok, especially when you’re asking thousands of people.
You can put your cash-app or Paypal link in your profile and then make a video asking people for a dollar or more. Also, you can create a Patreon account and ask your audience to join you there for premium content. This has proven to be one of the best ways for content creators to make money online.
#6]. Selling your Tik Tok account
Creating and selling your TikTok account is another great way to make money on the platform. However, this is not a quick way to make money because you’ll have to grow the account and have a considerable amount of followers.
The fact is that the more followers and view counts you have, the more your account is worth in terms of monetization. The option to sell your account will give marketers and advertisers the opportunity to gain access to your audience.
#7]. Sell merchandise
With a massive number of followers, you can easily turn your TikTok page into a market place to sell your products. The fact is that this platform offers you a window of opportunity to bring out your creative skills. You can easily build an impressive personal brand on the platform and turn this into a business venture.
Already, top YouTube content creators are using YouTube to sell their own merch. Some are even making more money from selling merchandise than from the content they are creating. TikTok users can also use the platform to sell their products to their loyal followers.
With this, you can promote your own business and encourage people to buy your products. This means that you don’t need to sit around waiting for brands to approach you for a deal. If you have a large enough audience, you can be very profitable with this.