How viable is this app to monetize your content?
First, it is important to keep in mind that TikTok is different from the rest of the social networks because, in this app, you do not earn money for the number of followers, “likes”, or downloads that your videos get. Curiously, making money on TikTok depends entirely on your followers’ loyalty. Hence the quality of your content plays a fundamental role, although the real fruit of your effort can only be crystallised with the live broadcasts you do, through which your followers will be able to send you gifts, which you can later exchange for real money.
This is done thanks to the virtual currencies that the platform sells in real money. Once users purchase these coins, they can redeem them for gifts, which can be sent to the tiktokers they admire the most.
According to the official TikTok website, such gifts end up crystallising into virtual diamonds. Thus diamonds become a measure of the popularity of the related user content.
The diamonds are based on the gifts a content creator receives, which will later be converted into constant and hard earnings. In this way, users who begin to receive a good amount of virtual gifts will be able to decide, “by selecting the corresponding options in their user account, withdraw the diamonds in exchange for monetary compensation (which will be denominated in US dollars)”, according to the social network.
The monetary compensation will vary based on several factors, which include the quality of the content, the number of followers and, of course, the number of diamonds that the tiktoker has accumulated. In this regard, TikTok establishes the daily limits applicable to the withdrawal amounts, so when you want to withdraw your earnings, the platform will show you what the maximum applicable withdrawal rate is.
However, like coins and gifts, diamonds are cancelled immediately after closing an account, so it’s best to convert all your diamonds into cash before you close your account. Finally, the means by which the payment is made is a PayPal account, which according to the TikTok website, must be verified, and its data must match the name and surname of the user interested in withdrawing their cash.
- Mastering Algorithmic Trading Without Coding Skills - November 10, 2023
- 8 Tips for Procuring Technology for Your Business - August 15, 2023
- 5 Financial Best Practices To Follow When Starting A Business - July 6, 2023