How To Make Money On TikTok In 2023

TikTok has experienced a meteoric rise since its global release in 2018, with nearly 100 million monthly active users and two billion downloads worldwide. Its popularity has been noted at the highest levels of government, with President Trump threatening to ban the platform in the United States due to national security concerns cited by Trump's lawyers.

How To Make Money On TikTok In 2023

Can you make money off of tik Tok? Yes, you can make money off of TikTok by creating and managing your content. Making money on TikTok is a simple process. You just record the videos, join the tiktok creator fund and make money, seems easy right? Well, that is not true. Making videos on TikTok is not that easy. The videos must be very entertaining from the start, and you would need to make a lot of videos to make it to the top of TikTok, and even then, the money from tiktok's creator fund is very low.

As more attention is drawn to the platform, it's natural to wonder if TikTok content creators can make money. Here's what you need to know if you're building a TikTok following and want to monetize it.

Why is it becoming easier to make money on TikTok?

TikTok monetization was not always the norm. There were few branded posts in TikTok's early days. As more brands enter the space, it is becoming easier for creators to sell opportunities for sponsored content on the social platform.

The amount of money you can make on TikTok varies, but if your content goes viral, it can be lucrative, just like any other social media platform.

It is also actively assisting viewers in monetizing their audience without the assistance of brand partnerships. TikTok's integration with Teespring, which was announced in late August 2020, allows creators to sell merchandise directly to their fans.

As TikTok's popularity grows, more brands are flocking to the app, bringing with them opportunities to make serious money for creators who can build TikTok followings.

Here Are The Ways To Make Money On TikTok

Sponsorships for audio

TikTok is a platform that emphasizes audio, with songs and audio clips frequently going viral on the platform — for example, Lil Nas X's Billboard 100 hit "Old Town Road."

Artists attempting to follow in the footsteps of Lil Nas X have begun to pay TikTok influencers to include their audio in posts. Skylar Krupa, a creator who posts videos of his grandparents, has used this method to monetize his growing audience. He charges $25 for every 25,000 followers.

Because there is no formal way to arrange audio sponsorships, teens who want to monetize their following in this way, or even grandparents in the example above, must contact artists directly or through artist management teams.

Sell A Products

Creators who want to directly monetize their audiences without relying on advertising dollars from brands can sell merchandise and products to their audience. Because of TikTok's partnership with Teespring, creators can now sell merchandise directly within the app. TikTok creators can now choose from 180 different products to customize their designs thanks to the integration.

TikTok and Teespring will launch an initial cohort of 7,000 creators in September 2020 to test the integration. They are expected to announce how other creators can begin using the integration.

Creators can also include links in their bio to a personal website or another merchandise platform where fans can buy products. TikTok user @thedottist, for example, has a trackable link to purchase her artwork directly embedded in her bio.

Promote a Company or Brand

Audio sponsorships aren't the only way to monetize TikTok branded content. Creators can also use their videos to assist brands or businesses in the launch and promotion of new products.

Mucinex, a cold and flu medicine, was an early example of TikTok influencer marketing. During the cold and flu season, Mucinex collaborated with creators to promote its products. The brand launched the #BeatTheZombieFunk challenge, inviting TikTok influencers such as the brother-sister duo OurFire to take part.

Creators who do not have representation and want to get started with brand sponsorships can reach out to brands and businesses directly or find opportunities through TikTok's official Creator Marketplace.

Creator fund

TikTok wishes to assist its most successful creators in succeeding and earning money solely through the platform. In pursuit of this goal, it has established a $200 million creator's fund, which it hopes to grow to $1 billion by 2023. TikTok will pay creators directly for making videos through this program.

TikTok has been tight-lipped about how much creators can earn and how many creators will receive funding, as well as the minimum number of followers required to qualify. Some TikTok experts claim that you must have at least 10,000 followers and 10,000 views on your profile within the last 30 days, but the platform has not confirmed this.

TikTok creators can apply via their TikTok profile. If you meet TikTok's minimum requirements, you will receive an invitation to apply directly from TikTok in the notifications section of your messages.

Gifts can be converted into diamonds.

TikTok creators can earn money by hosting live streams in which their fans send them gifts purchased with virtual coins purchased within the platform. Creators can then convert these gifts into "diamonds" (TikTok's virtual credits), which can be redeemed.

Fans must be at least 18 years old to purchase coins.

Creators who are 18 years old or older can withdraw diamonds at any time for a cash value determined by TikTok. Payment is made to the creator's PayPal account of choice. TikTok imposes daily withdrawal limits, which are displayed during the withdrawal process.

What Is The Best Way To Make Money On TikTok?

The best way to make money on TikTok is by creating a website with affiliate marketing or dropshipping, and use TikTok only to make a viral video or promote your website. TikTok pays around 5 cents per 1000 views. But with Affiliate marketing or dropshipping, you can turn this 1000 views into money, lets say you have 1000 views and only 100 people visit your website, and only 1 of that 1000 people will buy something you offer, that means you could make a LOT more with this business model, even with just 1 person buying, if your profit is more than 5 cents. 🙂

Brand Deals

Brand deals are one of the most lucrative sources of income for creators on TikTok. Brands can pay for sponsored content that includes a product or service. Making money on TikTok is much easier with a good brand deals. For example, energy drink BANG paid on tiktok a lot of influencers to have the energy drink in the video, and that is how you probably know energy drink BANG.

Great things is you do not need million followers to get brand deals. Making money on tiktok with brand deals can actually earn you money very early if your videos are entertaining, and the brands will basically pay you for the exposure in advance, for the hope you will get millions of views in the future, and as you would form a nice relationship with the brand, they will also work with you in the future for a long time.

How Much Can You Make on TikTok?

The amount of money you can make on TikTok varies, but if your content goes viral, it can be lucrative, just like any other social media platform. There are currently no third-party sources that have objectively quantified the amount of money TikTok creators make.

Even well-known creators, such as Ryan Shakes, who has achieved enormous success, do not reveal their earnings. Instead, by piecing together anecdotal evidence, we can estimate how much money you can make on TikTok.

For example, in a Medium article, London-based economist Tom Hartmann estimated that TikTok creators with 100,000 followers earn between $500 and $2,000 for sponsored videos. Based on the math, top TikTok creators could earn between $50,000 and $150,000 for sponsored posts.

Then there's TikTok's creator's fund, which the company hopes will encourage creators to make full-time content for the platform. It hasn't disclosed any details about what a full-time income might entail, but the idea is that it would be substantial enough that creators wouldn't need to work other jobs.

TikTok vs. Instagram & YouTube Earnings

YouTube compensates creators based on advertising revenue generated by creator videos on the platform. TikTok, on the other hand, does not have a specific formula for how creators are paid, making it more similar to Instagram. TikTok and Instagram allow brands to pay creators for creating sponsored content.

For some creators, this may pose a barrier to getting paid — you must build relationships with brands and persuade them that your content is worth their money. If you need to make money quickly, the process of monetizing your following by building an audience and connecting with brands may be too time-consuming.

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