Beyond being a platform for entertainment, TikTok has become a lucrative space for individuals to turn their passion into profits. As we step into 2024, the possibilities for making money on TikTok have expanded, providing creators with diverse avenues to monetize their content.
In this article, we will explore some innovative ways to capitalize on the financial potential of TikTok.
How To Make Money on TikTok?
TikTok has been one of the fastest-growing social media platforms in recent years, and it’s no surprise that people are looking for ways to use it for business and make money on the app. With the platform’s continued growth and popularity, there are many opportunities for creators to make money on TikTok in 2024.
Here are some of the best ways to do so:
1. Creator fund
One of the primary monetization options on TikTok is the Creator Fund. Launched to support and reward talented content creators, the Creator Fund allows eligible TikTok users to earn money based on their performance and engagement metrics. To qualify, creators must be 18 years or older, have at least 100,000 followers, and have received at least 100,000 video views in the last 30 days.
Once accepted, creators can earn a share of TikTok’s $200 million Creator Fund, which is distributed based on factors such as views, engagement, and region.
2. Live gifts and donations
TikTok Live is a feature that enables creators to engage with their audience in real time. Viewers can send virtual gifts to their favorite creators during live streams, with creators earning a portion of the gift’s value. Additionally, TikTok users can receive monetary donations during their live sessions, providing another revenue stream.
Engaging content, interactive Q&A sessions, and collaborations can significantly boost live viewership and, subsequently, earnings.
3. Branded content and partnerships
As TikTok continues to grow, brands are increasingly recognizing its potential as a powerful marketing platform. Creators can leverage their influence by collaborating with brands for sponsored content. Influencer marketing has proven to be a mutually beneficial strategy, with brands gaining exposure to the creator’s audience and creators earning money and expanding their reach.
Negotiating brand partnerships and maintaining authenticity are key aspects of successful branded content on TikTok.
4. Affiliate marketing
Affiliate marketing is a tried-and-true method for making money on various platforms, and TikTok is no exception. Creators can partner with affiliate programs and promote products or services through their videos. By including unique affiliate links in their captions or video descriptions, creators earn a commission for every sale generated through their referral.
Choosing products that align with their content and audience interests enhances the effectiveness of affiliate marketing on TikTok.
5. Merchandise sales
TikTok creators can establish their brand by selling merchandise directly to their audience. Whether it’s customized apparel, accessories, or digital products, setting up an online store and promoting it through TikTok can be a lucrative venture.
Integrating engaging and entertaining content with calls-to-action for purchasing merchandise enhances the chances of success in this monetization avenue.
While organic views on TikTok can be great, sometimes you need to invest in paid ads to drive traffic to your e-commerce site and grow your TikTok following. These ads appear in users’ “For you” feeds and play automatically like any other TikTok video.
Plus, the best part is that TikTok’s ad manager integrates seamlessly with Shopify, making it easy to create ads, target audiences, and track performance from your Shopify store.
7. Premium paid content
TikTok content creators have the option to offer premium content to their followers outside of the platform. This is done to entice them to invest in a VIP experience. Even if only a small percentage of followers become paying subscribers, the revenue can add up over time.
Subscribers can be offered access to exclusive live chats, a community Discord channel, or a monthly video series.
8. Collect tips
If you’re a content creator looking for a quick and easy way to accept donations, consider using a tipping platform. Some great options include TikTok’s native tipping feature, Tipeee, Buy Me a Coffee, and Ko-fi. If you’ve opted into TikTok Creator Next, you can activate the Tips function and set up a Stripe account to allow your audience to send you a predetermined or custom tip amount.
9. Refer your friends
Did you know it’s possible to earn money on TikTok without any videos or followers? You just need to participate in the TikTok Rewards referral program. All you have to do is copy your unique referral link from your profile and share it with friends and contacts.
When your friends join and start using TikTok, you’ll receive reward points that you can redeem later. Additionally, TikTok users can earn TikTok Rewards by watching videos and participating in specific events listed on the Activities Page.
10. Crowdfund projects
As a content creator, crowdfunding can be a great way to generate a regular income stream while offering your fans an easy, no-pressure way to support you. There are many types of crowdfunding available depending on the funding you require.
If you need startup funds for a specific project, you could set a funding goal and organize live fundraising events to rally your followers.
TikTok has evolved into a dynamic platform that not only entertains but also provides ample opportunities for creators to make money. The key lies in diversifying revenue streams, maintaining authenticity, and consistently producing engaging content.
Whether through the Creator Fund, live gifts, branded partnerships, affiliate marketing, or merchandise sales, TikTok creators in 2024 have a plethora of options to turn their passion into a sustainable source of income. As the platform continues to grow and innovate, so too will the avenues for financial success for those who harness the creative potential of TikTok.
Frequently Asked Questions (FAQs)
How much does TikTok pay per 1,000 views?
TikTok pays around $0.01 to $0.02 per 1,000 views. However, this amount can vary depending on various factors, such as the location of the viewer, the advertiser, and the content creator.
How much money do you get for 1,000 followers on TikTok?
The amount of money you can make on TikTok with 1,000 followers can vary greatly depending on a number of factors, such as engagement rate, niche, and brand partnerships. However, generally speaking, 1,000 followers on TikTok is not likely to generate a significant income on its own.
How much TikTok pays for 1 million views?
Depending on various factors, such as the location, the audience, and the type of content, on average, TikTok pays around $0.01 to $0.02 per 1,000 views. Therefore, for 1 million views, the payment can range from $10 to $20.
How many likes do you need on TikTok to get paid?
There isn’t a specific number of likes required to get paid on TikTok. Instead, TikTok pays its creators based on their engagement, views, and followers. Generally, the more popular and engaging your content is, the more likely you are to earn money on TikTok.
Who is the highest-paid TikTok?
Khaby Lame is the most-followed TikToker who earns around $750,000 per video, making him a multi-millionaire.