TikTok’s $1 Billion Creator Fund will Close on this Date

TikTok’s $1 billion creator fund will close on December 16, switching to new rewards program.

 

According to The Verge, TikTok has informed users of the platform today that it will close its initial creator fund on December 16, 2023.

The fund is a US$1 billion (Naijatechnews note: currently about 7.28 billion yuan) creative incentives paid to creators in the United States, United Kingdom, France and Germany who publish content on the platform .

TikTok spokesperson Maria Jung said creators in the U.S., U.K., Germany and France will no longer be able to monetize their content through the fund. TikTok users in Italy and Spain will not be affected by this change.

Naijatechnews Inquiry learned that the creator fund was initially launched in 2024, and TikTok promised to pay US$1 billion to short video creators within three years .

Content creators have noted that the fund’s low returns on creation — sometimes just a few dollars for millions of views — make it impossible for them to make a living solely through the Creator Fund, the report said. TikTok did not respond to questions about whether it had spent all the $1 billion.

In February of this year, TikTok launched a new creative reward program: the Creativity Program . Unlike the original fund, this program requires creators to produce videos longer than a minute. TikTok said revenue will be based on views and other engagement metrics, rather than a pool of funds from which payments will be made public. TikTok has been inviting eligible creators to switch into the new program since it went live.

TikTok spokesperson Maria Jung said creators could earn 20 times the amount they would have earned under the original fund . Creators in the US, UK, Germany, and France will also be able to move to the new rewards program.

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