TikTok said it would expand a fund for emerging creators to $2 billion, an effort to retain the skill between new competition and regulators, improving its monetization on the fast-growing but debatable short video platform owned by China-based ByteDance.
“We’ve noticed a reaction to the Creator Fund and are thrilled with the percentage that we expect this fund to succeed at more than $1 billion in the United States over the next 3 years, and more than double globally,” the company said in a blog post. after Wednesday.
The Creator Fund will start with $200 million for creators based in the United States and another $70 million for those founded in Europe “to motivate those who dream of their voice and creativity to motivate careers,” according to the publication.
The fund also includes $50 million to introduce on the platform. The company said 1,000, among other monetization programs, had already benefited.
To download a percentage of the creators’ background, creators must be at least 18 years old, “respect a subscriber baseline” and publish new original content. The fund will be available from August. The company said it would provide more information on how to apply “soon.”
TikTok has soared over the more than two years, especially the pandemic and closure. It is the top app downloaded in the first quarter of 2020, according to App Annie, a cellular knowledge and analysis company. Last week, TikTok ranked second among the maximum number of apps downloaded to Apple’s App Store and the fourth in Google’s Android store, App Annie said.
Another analytics company, Sensor Tower, estimates that it has more than 800 million users and that the application has been downloaded more than 2 billion times worldwide.
But the company’s good fortune has led regulators to monitor the knowledge it collects about its users, especially young people, and whether this knowledge is shared with the Chinese government, as is required of all Chinese companies.
The company has denied accusations of knowledge sharing with the Chinese government. He rented an American CEO, former Disney executive Kevin Mayer, and began opening offices around the world. A new overseas headquarters is being studied in cities such as New York, Los Angeles, Singapore, London and Dublin. The company also said it plans to rent to another 10,000 people in the United States as it grows.
Despite efforts to eliminate TikTok from its Chinese parent company, the company recently suffered a coup when the Indian government banned TikTok and nearly a hundred other Chinese cellular programs following a fatal military confrontation between Chinese and Indian troops in the disputed Kashmir border dominance.
Banning one of the world’s largest cellular markets would have charged TikTok with up to two hundred million users and opened up more opportunities to compete as Triller. Triller has also filed a complaint against TikTok, alleging patent infringements.
Meanwhile, U.S. President Donald Trump has also continually said he is considering banning TikTok. It’s less transparent how the government would do that, given the constitutional protections for freedom of expression. U.S. Secretary of State Mike Pompeo said the federal government was seeking imaginable bans on TikTok and other Chinese programs for national security reasons.
U.S. Treasury Secretary Steven Mnuchin this week showed that the tough interdepartmental committee on foreign investment in the United States, or CFIUS, is investigating the $1 billion acquisition of ByteDance in 2017 from TikTok’s competitor in Musical.ly.
And Triller, TikTok’s only aspiring short video crown. Earlier this month, Facebook shut down Lasso, its competitor to TikTok, even as its Instagram subsidiary prepares to launch another clone, Reels.
Reels represents the newest technique for copying a long-distance competitor via Facebook and Instagram. Compared to Snap or Instagram when it was an independent company, TikTok is much larger and has much deeper corporate pockets. Facebook, however, bought Instagram in 2012 for $1 billion after concluding that it may not compete with the company’s growing popularity.
To bring Reels to life at the festival with TikTok, Facebook and Instagram would offer six-figure bead offers to some of TikTok’s leading creators to inspire them to jump, Tubefilter reported.
In a blog post this week, TikTok CEO Kevin Mayer took a look at Facebook and CEO Mark Zuckerberg,
“Facebook even launches another photocopier product, Reels (linked to Instagram), after its other Lasso photocopier failed quickly,” Mayer says. “But let’s focus our energies on a fair and open festival for our consumers, which in our competitor’s defamatory attacks, that is, Facebook, disguised as patriotism and designed to end our presence even in the United States.”
Investors estimate that TikTok amounts to $50 billion, but ByteDance may only be promoting a stake as another attempt to keep the company out of regulatory pressure.
I’m a columnist, speaker, podcaster and representative of Los Angeles on the collision of technology, media and entertainment. I also organize and produce Bloom in Tech