Officially launched in 2017, it took TikTok 3 years to be among the most downloaded Apps of the second decade of the 21st century. The app has gone on to garner over one billion active users in at least 154 countries. TikTok hosts short videos in genres like jokes, stunts, pranks, dance, entertainment, etc which attract a lot of viewers.
The app has turned out a daily go-to place for many people most especially Gen Zs who make up at least 62% of its users. Across the world, the average TikTok user spends 52 minutes on the app every day. In the US, users spend an average of 99minutes per day on the app. No social media app has statistics of consumption that high.
So, if you are one of those people that have a TikTok addiction or can’t go a day without it, how about making some money from the app? If you want to take advantage of your unproductive time spent on TikTok or just want to make money, here are ways you can earn from TikTok.
The 8 ways to make money on TikTok.
1. Creator fund.
TikTok pays its creators (people that post videos) money for the content they create. For every 1000 views, TikTok pays you $0.02 to $0.04 0r 2 to 4 cents. If your video gets one million views in a month, you earn $40.
This may sound ridiculous, knowing that TikTok’s competitor, YouTube, pays as high as $5000 for 1 million views. The difference here is that it is easy to hit 1 million views with TikTok than it is with YouTube. TikTok sends you traffic to your content. It’s not a miracle to hit 1million views in a day or two.
With a huge following, if you post consistently, you can earn a million views per day. By the end of the month, you will have earned at least $1200. The TikTok creator fund pays creators depending on the size of viewership, quality of engagement on posts, and the frequency of your posts.
However, the TikTok creator fund is limited and exclusive to only creators that meet the following requirements.
1. Having a minimum of 10,000 followers
2. Receiving at least 100,000 viewers in the last 30 days.
3. Having a TikTok account that adheres to TikTok’s community guidelines and terms of service.
4. Live in the US, UK, France, Germany, Spain, or Italy.
Quite unfortunate for other staunch users in different countries. If you however do not qualify for the TikTok creator fund or want to earn more money, you can use the next 7 ways to make money on TikTok.
2. Go live on TikTok.
If you have a following on TikTok, making live streams is one lucrative opportunity for you to make money. Find a niche that people can identify you with to easily attract a following. Go live often. Your followers will join to watch and also attract new followers.
As they view your live streams, if you provide rich interesting content, they will send you virtual gifts. Each gift is worth a certain number of coins. The gifts include;
the Panda which has 5coins,
Italian hand with 5coins as well,
love bang 25coins, sun cream 50 coins,
rainbow puke 100coins,
concert 500 coins,
I am very rich 1000 coins,
drama queen 5000coins
Viewers can buy coins for up to $10,000 from TikTok. 100 TikTok coins cost $1.39. Note that you can only earn coins when you go live. To stream live you must have at least 1000 followers.
Your followers buy these coins with real money, and they then use the coins to buy virtual gifts.
The gifts you receive are converted into diamonds. The diamonds go for 50% of the total number of coins you have. Let’s say you made a live stream and one of your funs gifted you the ‘’drama queen’’ virtual gift which is valued at 5000 coins. To convert that gift into money, the 5000 coins will be converted into 2500 diamonds. Each diamond is worth 5cents or $0.05. To cash in, you will earn $125 from a drama queen gift from one viewer.
Live streams can be lucrative if you build a following. Guess what! it is very easy to build one on TikTok.
Here are tips to maximize your earnings from live streams
- Have a long broadcast of at least an hour to enable many viewers to find you.
- Pick the right time when most people can watch you. Evenings are great.
- Post new short videos during your live stream. The viewers that watch them will know that you are live-streaming and will then join you.
- Use trending TikTok hashtags
3. Product promotions and endorsements.
A new effective way of marketing is promoting products on TikTok. Brands pay TikTokers with huge followings to produce video content endorsing or promoting their products.
Companies pay TikTokers as low as $200 and as high as $500,000 to promote products. Charlie D’Amelio is listed as Forbes’s top TikTok money earner for her product endorsement deals with companies like EOS cosmetics.
If you have a huge following, reach out to brands and offer to promote their products for pay. You can also join the creator marketplace to find brands that you can work with. The creator marketplace is an online place where influencers and brands meet to make product promotion deals.
However, do not turn your TikTok content into only product promotion content. No one opens the app to watch ads. Create a balance between content that attracts viewership and that for promoting products.
4. Sell merchandise.
If you do not live in the US, UK, France, Germany, or Italy and are worried you can’t make money on TikTok, worry not. The TikTok algorithm reaches viewers within your country of residence the most. You can use that as an opportunity to sell your products.
Create content that attracts viewers and use the following you attract to sell your merchandise. I have seen many people selling jewelry, and consultation services among others on TikTok. I have also seen fortune tellers sell their services on the app.
If you have something to sell, TikTok is a great place to make sales. It gives you access to buyers in your country and all over the world.
5. Affiliate marketing.
Affiliate marketing is an arrangement where an online retailer pays you a commission for leads or sales generated from your online referrals. The retailer traces your referrals by a special link from your TikTok app. Here is what you need to do.
• Find one product with a lucrative affiliate marketing offer. A product that can enable you to create consistent relatable content.
• Start creating the content to attract a following of at least 1000 followers. TikTok allows you to add a link to your bio once you hit 1000 followers.
• Create a landing page or sales page and link it to your affiliate link.
• Add your landing page link to your bio. Note, don’t add your affiliate link to your bio if you plan to promote several products. TikTok bans profiles with affiliate links in stories so you will need a landing page in this case as well. Add your affiliate links to your landing or sales page. Then add the link of your landing page to your bio and stories.
• Create relatable content with a call to action asking viewers to click on the link in your bio or stories.
When viewers click on the landing page link it will redirect them to your affiliate link to the retailer’s site. When they make a purchase, you will earn a commission. Remember you will need at least 10,000 followers to be able to add a link to your stories and 1000 followers or a business account to be able to add a link to your bio.
TikTok affiliate marketers earn from as low as $100 to as high as $1m per month.
6. Grow and sell TikTok accounts.
If you thought it’s only websites that are being flipped, then you need to know the new business in town. Flipping TikTok accounts. Entrepreneurs are building TikTok accounts in lucrative niches and once they attract a significant following and viewership, they sell them off to individuals and companies that need that following.
Here is what you have to do;
Build an account centered on a specific niche. Accounts with a niche are easy to sell. You build the account by posting engaging content.
Avoid personal accounts, they can hardly be sold to anyone.
TikTok accounts can sell for as high as $30,0000.
7. Collect tips and donations.
If your content gives a lot of value to viewers, you will attract a committed following. The commitment of your following is determined by how engaging your posts are. If you notice they are so engaged then understand how valuable your content is to them. And because it is very valuable to them, they will be willing to appreciate you by giving you tips or donating to your cause. For tips, use tipping platforms like Tipeee, ko-fi, or Buy me a coffee. For donations use platforms like Fundable, Indiegogo, Crowdcube, Kickstarter, SeedInvest, Mightcause, etc.
8. Use in-feed ads managed by TikTok.
In feed ads appear in the ‘’For You’’ videos on TikTok. They appear normally like other videos on the app. The difference is they will reach more viewers than they would if you didn’t pay. If you have some extra cash you can invest in your content, and pay for in-feed ads to reach a lot of eyes.
Create a video selling or promoting a product and sponsor it for the in-feed ads. It will bring you a lot of leads. This works best for affiliate marketers on TikTok.
Highest paid TikTokers
Starting with dance video posts in June 2019, Charlie D’Amelio has gone on to make lucrative deals that have paid her a total of $17.5m. With 135m followers, she has partnered with companies like EOS cosmetics.
Elder sister to Charlie D’Amelio, the two have helped each other take up space on TikTok. With 57m followers, she earns has so far earned $10m and has also used the platform to promote her music.
The dancer reached a million followers in less than a year posting her dance videos. With 88m followers, she has so far earned $8.5m
With a video of her doing something as simple as lip-syncing to Millie B’s song ‘’Soph Aspin Send’, Bella Poarch’s following skyrocketed to as high as 91m followers. She has gone on to earn a whooping $5m.
Some above-average dancing, lip-syncing videos, and jokes are all it took Josh Richards to hit 25m followers and earn $5m.
Conclusion. With the advancement in technology, the formula for making money has evolved to ‘’get a following, get money’’. With TikTok in place getting a following has never been easier. A little hard work and consistency get you there. There you have it, how to make money on TikTok.