TikTok, owned by the Chinese tech giant ByteDance turned as among the most successful native micro-video platforms, and it became the go-to platform for millions of young users. Thus, the “TikToker” has already become the evolution of the “influencer” from platforms like Instagram. Those TikTokers make money in a few ways, such as monetary gifts, sponsorships, advertising agreements, affiliations, and more.
We may as well start with one of the most obvious ways to make money: influencer marketing.
Here, companies hire TikTokers with large followings to promote their products, services, or general brand. Promotional activities may involve unboxing videos, trying on clothes, or simply speaking directly about the benefits of a product.
According to Influencer Marketing Hub, these branded videos can earn the influencer anywhere between $200 and $20,000 depending on their audience.
One example of influencer marketing at work is Loren Gray, who with over 52 million followers landed a deal with cosmetic company Revlon. Gray posts on the company’s TikTok account and also creates Revlon-sponsored posts for her own account.
TikTokers also make money by receiving monetary gifts from their fans. First, the fan must purchase TikTok coins and then exchange them for a variety of unique, virtual gifts.
Gifts are then sent to the TikToker and converted into virtual diamonds on their profile. Diamonds are used to measure the popularity or influence of a user on the TikTok platform.
They cannot be bought or sold, but TikTokers can exchange them for cash once a certain amount of diamonds have been accrued.
To earn extra money for the same content and reach a wider audience, many TikTokers choose to repurpose their videos on similar platforms such as YouTube. Alternatively, they may share their content on a personal blog.
If nothing else, this form of self-promotion leads to increased exposure and more followers.
Believe it or not, many Tiktokers make money by growing accounts to a certain size and then selling them for a profit. This practice has been going on for years in the website industry but is relatively new to TikTok.
Many TikTokers choose a specific niche and then create engaging content that goes viral. Once this has been accomplished, they reach out to brands and attempt to sell the account which has a list of targeted followers.
TikTok also offers an advertisement service where brands or businesses can sell their products to a wider audience.
This form of paid traffic is much the same as Facebook and Instagram ads.
Some TikTokers make money by selling account management services to other users. By its very nature, the TikTok platform turns ordinary people into overnight sensations with millions of followers.
Often, these TikTokers become overwhelmed and need advice on content strategy and creative strategy. Many also need schooling on how to best manage and negotiate the deals or offers that come their way.
- TikTok is a platform for the younger generation, with 41% of active users being in the 16-24 age bracket. What’s more, 86% of young people want to make money through social media influencing.
- TikTokers make money through influencer marketing in much the same way as other platforms. They can also accept donations in the form of virtual gifts which can later be exchanged for cash.
- Some TikTokers make money by creating accounts with targeted followings and then selling them to brands. Account management services are also popular as many users become famous on the platform overnight.
Alternatives platforms to TikTok where to build your audience
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