Tiktok is a short video sharing social media platform, with over 800 million active users worldwide. It is owned by a Beijing based technology company named Byte Dance. Since its inception in 2017, it has become trendy among youths.
In India, the craze for this application is overgrowing, and it is reported that there are more than 120 million monthly active users on this platform, making it the world’s highest user base.
Several creators in Tiktok are earning their livelihood through this app. Many of them are making millions of dollars on it. Some of the prominent names include Charli D’Amelio, a 16 years old American Tiktoker with a follower base of over 61 million who has an estimated net worth of $4 million. Faisal Sheikh (Mr Faisu), an Indian Tiktoker with over 29 million followers, is expected to have a net worth of $2 million.
Now, you must be wondering how these creators make money on Tiktok. Here we will be discussing the various ways on how you can make money on Tiktok.
So, if you have a creative skill and want to earn money on this platform, check out the various ways on how to make money on Tiktok.
Paid Promotion is the best and the most popular way of making money on Tiktok. It is a part of influencer marketing, where brands seek for social media influencers for promotions. The influencers create promotional videos of the brand and get paid in return.
Many companies these days are using influencer marketing to promote their product as it helps them to reach a large number of audiences at a minimal cost. This strategy is prevailing in other social media platforms like YouTube, Instagram, and Facebook. But, Tiktok has recently grabbed the companies’ attention and the brands for its vast user base.
Tiktok creators can earn a hefty amount of money from brand sponsorship, although it is not as easy as it seems. Brands usually like to collaborate with creators who have a good number of followers and can influence their audience. Tiktokers, who have a huge follower base and are dominating the platform, earn as much as $20000 per post.
So, if you have a decent number of followers and good brand equity, you can expect to make money from paid sponsorship.
Most of the creators earn money from the live stream. It is a way where you can earn money from within the app. Here, you can make money by receiving virtual gifts from the audience. So, the gifts you can receive during your live broadcast are Panda which is worth 5 coins, Italian hand which is 5 coins, Love Bang which is 25 coins, Suncream which is 50 coins, Rainbow Puke which is 100 coins, Concert which is 500 coins, I’m very rich which is a 1000 coins and Drama-Queen which is 5000 coins.
The gifts that you receive are converted into diamonds, and further can be converted into real cash, which can be withdrawn through PayPal. Diamonds are worth half the value of the coins. For example, if you have 100 coins, it will worth 50 diamonds, and each diamond worth 5 cents so, if you earn 200 diamonds, then you can cash in $100. However, Tiktok charges 50% of your earning.
As per Tiktok policy, you can withdraw your money once you reach the hundred US dollar threshold, and the maximum you can withdraw is thousand US dollars a day. It takes Tiktok fifteen days to process the withdrawal request as they have to make sure that the coins were not brought fraudulently.
To get the live stream option in your account, you must have a minimum of 1000 followers.
Cross-Platform Promotion is quite prevalent these days. It is a strategy of driving your audience from one social media platform to the other.
Since Tiktok does not have any monetization feature, you can drive your Tiktok audience to YouTube, where you can make money by creating videos and getting them approved from Google Ad Sense.
For every ad that pops up on your YouTube video, you earn a commission from the company. Similarly, you can also drive your audience to Instagram, where you can get good brand deals.
Mridul Madhok (Tiktok Creator) is an excellent example of someone who uses this strategy. He has over 13 million followers across platforms (10.6 m on Tiktok, 1.45 m on YouTube, and 1.2 m on Instagram).
Growing And Selling Accounts
Growing And Selling Tiktok accounts is an excellent way of making money. Many buyers are looking out for accounts that are already grown and have a good number of followers.
Compilation videos are quite popular these days. People are working on various niches, like compilation of comedy videos or compilation of dance videos, etc. Some people work on a niche like the Promotion of marketing campaigns and have several millions of followers.
People are working on various creative ideas over the internet. If you are someone who has a creative mindset and can work on such niches, it can be a game-changer for you.
Tiktok is a great platform for anyone who wants to showcase their talent and creativity. You don’t require any fancy equipment to create videos in it. All you need is a smartphone to create and post your videos.
Tiktok has emerged globally within a short span of time and has created opportunities for its creators to make money. If you are creative and willing to earn money on this platform, then nothing can stop you from doing so.
Apart from the different ways mentioned above, there are also people earning money from consultation and management on this platform.