Despite only launching internationally in 2017, TikTokhas become the authority on what’s hot in culture, politics, fashion, and beyond. TikTok is a force, growing rapidly year over year, and is expected to actually reach two billion users by 2024. Over time, the app has attracted a huge Gen-Z user base and for entrepreneurs, that’s a lot of marketing potential. As the machine of social media app TikTok grows, so does the number of ways you can make money.
Deciding how to monetize TikTok users becomes easier once you’ve gained a deeper understanding of your target audience. There’s no single approach to monetization, but the highest earners usually maintain a number of different income streams; from sponsored content to live streaming, the opportunities with TikTok are virtually endless.
If you want to take your TikTok side hustle to full-time income stream here is your guide:
How to earn money on TikTok
1. Join the TikTok Creativity Program (formerly TikTok Creator Fund)
Users who’ve built up a substantial following might consider making money through the TikTok Creativity Program. Announced in February 2023 and launched in May, this program replaces the TikTok Creator Fund.
To earn money directly from TikTok, this is the way forward. To do this, you need to have a minimum of 10,000 authentic followers and have at least 100,000 views over the last 30 days. (You also need to be 18 or older and live in the U.S., U.K., Germany, France, or Spain.)
2. Live streaming
Livestreaming has surged in recent years. Besides heavyweights like YouTube and Twitch, TikTok has also put resources into its product where users can livestream. As more creators from a diversity of genres embrace livestreaming, some describe the medium as a nostalgic way to intimately connect with fans in a fleeting era of TikTok swipes. Many creators credit live streaming as their chief source of income.
As more creators from a diversity of genres embrace livestreaming, some describe the medium as a nostalgic way to intimately connect with fans in a fleeting era of TikTok swipes. Brands are also embracing TikTok Live, paying three times as much for sponsored streams as compared to static posts.
3. Go live and collect virtual gifts
Live Gifting is one of TikTok’s most useful features for creators looking to monetize their content through live streaming. Most social networks have a live streaming feature, but what makes TikTok unique is that it allows followers to show their appreciation in real time by sending virtual gifts, like coins, which can be redeemed for payment.
What are TikTok Coins?
TikTok Coins is the in-app currency used on TikTok. These coins can be easily purchased by any user in exchange for actual money. TikTok Coins can then be used to send gifts and diamonds to creators, showing appreciation for their content.
Followers usually send these while engaging with favourite users live streams. Engaging with users in real time is reportedly great for building valuable relationships with your fans. Audiences that have a strong connection to a creator tend to develop a personal stake in their success, which means going live can help to boost other monetization streams as well. Someone who does this well and makes a lot of cash in the process is the user 'Pinkydoll' on TikTok.
Who is Pinky Doll?
A US TikToker by the name 'Pinkydoll' went viral on social media after a Twitter user uploaded a clip from her live stream, which shows the influencer popping popcorn kernels using a hair straightener while repeating a slew of odd phrases without taking a breath.
'Any time I accidentally happen upon a TikTok Live, I feel like I am watching the world end,' one user said about the clip. But another pointed out how much money she could be actually making in the process. 'I mean, she’s got more than 1000 likes in less than 30 seconds, so…' a commenter argued.
It might seem like nonsense to some but Pinkydoll is making a tonne of cash from going live. She basically goes live and acts out each of the virtual gifts she is given. So, her repetitive actions (i.e., her licking the air or saying, 'ice cream so good') are rewards that are prompted when viewers give her tokens, which appear on the screen during her live streams.
There are a number of other live streamers who have similar unique tactics like user 'natucoco's' TikTok who uses an animated version of themselves to get gifts and coins.
Most social networks have a livestreaming feature, but what makes TikTok unique is that it allows followers to show their appreciation in real time by sending virtual gifts, which can be redeemed for payment.
4. Sell merchandise and other products to your followers
Selling your own products on TikTok is great for monetizing nearly any type of content. Creators can make and sell merch to their most loyal fans. You could sell t-shirts, tote bags, pillow cases, hats, coffee mugs, stickers, notebooks—or any combination of products.
Selling print-on-demand products even has benefits beyond income streams. Owning branded merch gives your fans a deeper connection to your personal brand, and every follower who wears your merch is another way to spread the word about your personal brand.
5. Collaborations with TikTok influencers or other brands
Brand collaborations can help to boost your earning potential on the app. Keep your content authentic and interesting, and soon you will stand a chance at attracting relevant brands.
One of the most innovative ways TikTok allows its creators to make money is through its Creator Marketplace.The Creator Marketplace helps connect the right brands to the right influencers, facilitating partnerships in a way that’s fast and easy for both parties. TikTok makes it incredibly easy to create valuable sponsored content.
6. TikTok Rewards
This might just be the easiest way to make money!
TikTok Rewards earned under the TikTok Rewards referral program is currently one of the best ways of earning money and rewards on TikTok. It's simple: First, copy your unique referral link from your TikTok profile. Next, ask your friend who has never used TikTok to join the platform using your referral link. Finally, earn rewards the moment they join the platform and create their account.
Moreover, users can also earn rewards by watching videos and participating in the events mentioned on the activities page. After accumulating a certain number of TikTok Rewards you can redeem them and enjoy the benefits.