8 unique ways to make money on TikTok in 2024
Despite only starting worldwide in 2017, TikTok has quickly established itself as the go-to source for what’s trending in society, politics, fashion, and beyond. TikTok is a force that is quickly expanding year after year, and it is predicted to reach two billion users by 2024. The short-form video app has a big Gen Z user base, which means a lot of marketing possibilities for companies.
If you want to increase your audience by using TikTok’s large user base, take a look at the techniques of some of the social media platform’s top artists and marketers. Learn how to make money on TikTok through fan merch sales and premium memberships.
How to Make Money on TikTok in 8 Simple Steps
1. Sign up for the TikTok Creativity Program (formerly known as the TikTok Creator Fund).
Users with a large following may want to attempt earning money through the TikTok Creativity Program. This initiative, announced in February 2023 and inaugurated in May, will replace the TikTok Creator Fund.
US-based producers with at least 10,000 followers and 100,000 legitimate video views in the last 30 days are eligible to participate in this initiative, which is currently in testing as of May 2023. More customers should be able to use the software in the following months.
Eligibility:
To sign up, users must be at least 18 years old.
Users must have a minimum number of followers and video views.
User accounts must be in good standing.
Creators who are already members of the TikTok Creator Fund can transfer to the Creativity Program.
2. Sell merchandise and other items to your fans.
TikTok is an excellent platform for monetizing almost any sort of video. Creators, whether they are a dancer, a singer, or a comedian, may develop and sell merchandise to their most devoted admirers.
And, with so many print-on-demand firms on the market, there is a plethora of items to pick from. T-shirts, tote bags, pillow covers, caps, coffee cups, stickers, notebooks—or any combination of products—could be sold.
Profitability is not the only advantage of selling print-on-demand items. Owning branded apparel allows your followers to have a stronger connection to your personal brand, and every follower who wears your clothing spreads the word about your company.
3. Go live and start collecting virtual goodies.
LIVE Gifting is one of TikTok’s most valuable options for producers wishing to monetise their livestreaming content.
Most social networks offer a livestreaming capability, but TikTok is unique in that it allows followers to express their gratitude in real time by giving virtual gifts that may be redeemed for money.
Engaging with users in real time is ideal for developing meaningful relationships with your followers. Audiences with a deep connection to a creator create a personal interest in their success, therefore broadcasting live can assist to enhance other income sources as well.
4. Join forces with TikTok influencers or other brands.
TikTok’s Creator Marketplace is one of the most inventive methods for its creators to generate money.
The Creator Marketplace connects the appropriate companies with the right influencers, creating collaborations that are quick and simple for both sides. TikTok makes it extremely simple to generate lucrative sponsored content.
Brands interested in running an affiliate marketing campaign may explore the marketplace and swiftly shuffle through material created by creators they know are willing to working with brands.
5. TikTok advertising management allows you to create in-feed adverts.
TikTok has a plethora of excellent organic marketing options, but if you’re prepared to pay a little money to increase the reach of your content, you may consider designing your own in-feed advertising using the TikTok ads manager.
TikTok adverts display in viewers’ “For you” feeds and play automatically, just like any other TikTok video. You may ensure that your videos reach the viewers that are most interested in your items by using sponsored adverts.
But the greatest thing is… TikTok’s ad manager works in tandem with Shopify. That means you can create TikTok advertisements, choose a target demographic, and measure the effectiveness of your ads all from your Shopify store. TikTok might be one of the most effective internet marketing tools at your disposal.
6. Collect money from supporters to crowdfund initiatives.
Crowdfunding is one of the most accessible ways for creators to make money. You spend a lot of time and effort into developing content for your followers, so providing a simple, no-pressure option for them to give back is ideal for establishing a consistent income stream.
Depending on the sort of cash you want, crowdfunding can take several forms. If you need beginning cash for a certain project, you may mobilize your supporters by establishing a funding target and holding live fundraising events.
7. Gather “tips” from your audience.
Consider employing a tipping platform to receive donations quickly and easily. Tipping systems function similarly to a traditional tip jar, and viewers who enjoy your films can express their appreciation with a little gift. Fans have the choice, but it is not required, and they can contribute any amount they choose at any time.
8. Make use of Patreon to sell fan subscriptions.
Crowdfunding works well for large projects, and tipping is the quickest way to gather donations. But what if you want a more consistent passive income stream? Consider using a creator-based subscription network, such as Patreon.
membership-based income models are ideal for content providers because you can keep individual membership fees low while focusing on building your subscriber base.
A low-cost monthly membership of, say, one dollar is an easy sell to a single devoted admirer. When you have a large number of devoted followers, those funds start to pile up.
Patreon was the first significant platform to allow artists and influencers to make cash through premium subscriptions from their most devoted followers. You may choose your own rewards on Patreon.
