TikTok pays its creators with Stripe

The social network TikTok has just presented its new remuneration system for content creators on its platform. It takes the form of a loyalty system and presents a new monetisation initiative in the era of the times. A major payment specialist, Stripe, is taking part in the project and confirms its ambition to become a reference in this area.

FACTS

• TikTok has introduced Creator Next, its new strategy to reward some of its content creators. To be eligible, creators must be over 18 years old, have at least 1,000 views on their videos in the last 30 days and have at least three posts in the last 30 days. Eligible accounts must be at least one month old and must not have repeatedly violated TikTok's rules.

• The new TikTok rewards then take several forms:

  • Tips", which allow the community to congratulate content creators by paying them a small amount (a small fee will be applied without TikTok paying itself),

  • The "Gift", or reward points in the form of "virtual diamonds", given to creators for publishing videos or Live,

  • The TikTok Creator Marketplace, a marketplace launched in 2019 to facilitate collaboration between content creators and sponsors. It now opens up to more creators, with over 10,000 subscribers.

• These monetisation features are now available to content creators in the US, UK, Germany, France, Italy and Spain. Canada and Australia will have access in the coming months.

CHALLENGES

• Opening up its monetisation model: TikTok already allowed content creators on its platform to accept virtual gifts from their fans. Now, with its new Creator Next strategic plan, TikTok is taking the next step by industrialising the monetisation of its platform.

• Catching up with other social platforms: The race is on between the various social networks, which can no longer afford to simply organise the sharing of content between their members but must attract and retain the most promising creators. TikTok is playing the pay and retention card today and thus completing its approach.

MARKET PERSPECTIVE

• The monetisation of content on social networks is only getting stronger, with 2021 clearly representing a pivotal year for this trend. It was the fledgling social network Clubhouse that launched the hostilities on this theme with the presentation, last April, of a new member-to-member payment feature allowing content creators to be remunerated.

• Twitter monetised its audience the following September by presenting its Super Follows, allowing its most prominent members to earn money online.

• The main point in common between these two initiatives is the partner chosen to settle these payments: Stripe. And the fact that it is now partnering with TikTok only reinforces the idea that the online payment giant is counting on its domination of social networks to secure its future.