Over $2 billion to give to creators by Tiktok for the next three years for competing with YouTube and Instagram
The parent company of TikTok is based in China, giving creators in the $2 billion for the next three years to go on par with Instagram and YouTube made by the US rivals.
On Wednesday, they had said in a blog will be giving creators at US more than $1 billion for the next three years and which is more than double globally. In Europe, over $70 million to the creators in next year and $300 million in 3 years.
Users of TikTok need to submit the application for accessing this fund. If it became successful will give regular payments to the user for posting content. But nothing revealed on the application process.
General manager of U.S. TikTok, Vanessa Pappas it is done to encourage the dream of the ambitious creators.
On July 23, the blog was published that the fund of the US would be around $200 million. She said the response they got is incredible, and they expect the fund to be over $1 billion for US in the three years and double globally.
As per the app tracker, Sensor Tower, TikTok has been owned through China’s ByteDance, which has become popular worldwide, having downloaded more than 2 billion in less than four years.
All the social media platforms want to boost the user base as through this; they generate more revenue.
The research and strategy manager of consultancy AgencyChina at Shanghai said that monetization would improve pathways for the new creator on TikTok to post their creatives.
It is bringing as a new feature of Instagram by the name of Reels would be launching soon in Brazil, Germany, India, and France after the early US. So, the TikTok knows about their competitors are increasing so to attract them towards itself.
Facebook is giving lucrative office to TikTok influencers, having millions of followers on the Reels of Instagram.
A concern has been there for the TikTok as it is linked with China that they are passing information to China, and they are refusing it as they say they will never do it.
India has already been banned, and on Wednesday, Donald Trump, President, has told that they are considering banning it also.
TikTok has been trying to distance from the ByteDance by hiring Kevin Mayer, a U.S. Chief executive who is a former head of Disney’s streaming. It has its offices locally around the world and trying for a new headquarters office in New York, Dublin, Los Angeles, Singapore, and London.
At last, even the stake of ByteDance is being sold to US investors of TikTok and has valued the app around $50 billion.