TikTok is shutting down its $1 billion Creator Fund on December 16, 2023. The fund was launched in 2020 to pay creators for their videos, and it was originally set to last for three years. However, TikTok is now discontinuing the fund in favor of a new monetization program called the Creativity Program.
The Creativity Program will offer higher payouts to creators who make longer videos. TikTok says that creators in the Creativity Program have earned 20 times more than creators in the original Creator Fund.
TikTok has not disclosed how much money it has actually paid out to creators through the Creator Fund. However, many creators have criticized the fund for being too stingy, with some saying that they earned "mere pennies" for their viral videos.
It is unclear why TikTok is shutting down the Creator Fund. However, the company has been facing increasing competition from other social media platforms, such as Instagram and YouTube, which offer more robust monetization options for creators.
The shutdown of the Creator Fund is a blow to TikTok creators, but it is also an opportunity for them to explore other ways to monetize their content. Many creators are now looking to other platforms, such as Patreon and Substack, to generate revenue from their work.
Conclusion
The shutdown of the Creator Fund is a significant event for the TikTok creator community. It is unclear why TikTok is shutting down the fund, but the company has been facing increasing competition from other social media platforms. TikTok creators will now need to explore other ways to monetize their content.
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