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How to Make Money on TikTok in 2023? – 12 Proven Ways

How-to-Make-Money-on-TikTok
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TikTok is a trending social media platform, and it provides money-making opportunities. So why wait? Dive in, and check out the ways to make money on TikTok as a content creator.

The craze for short-form, highly-viral content on TikTok has been trending and snowballing in the last few years. Besides allowing brands and creators to connect with their audiences, it has also allowed creators to monetize their content on the platform.

With over 1 billion monthly users, the platform has started rewarding creators through various methods. If, as a creator, you have around 10,000 followers on the platform or even 1,00,000 video views in a month, it is an excellent chance for you to leverage your TikTok audience and jump to the next level.

TikTok

The likes of Khaby Lame (142 million followers), Addison Rae (88.7 million followers), and Zach King (77.5 million followers) have used their TikTok accounts well, amassing multimillion-dollar deals with brands and opportunities through the platform.

Before you focus on the ways to make money using TikTok, you must know about the ‘Creator Next’ initiative of TikTok in detail.

A monetization program focused on promoting creators; here’s everything you need to know about it.

What is the ‘Creator Next’ Program by TikTok?

creator-next

As per TikTok, the ‘Creator Next‘ initiative has been designed to help TikTok creators grow and monetize their audience. The portal enables creators to access all monetization features on TikTok, some of which include:

  • TikTok Creator Fund
  • TikTok Creator Marketplace
  • Live and Video Gifts
  • Tips

To join the program, you must fulfill the following eligibility criteria:

  • You should have a certain number of followers (Usually 1,000+)
  • You should have posted at least thrice in the last 30 days.
  • You should be 18 years or older (19 years in South Korea and 20 years in Japan)
  • Must have a good standing as per the ‘TikTok Community Guidelines and ‘Terms of Service.

Now that you’re aware of the opportunity it presents you, here’s a quick yet comprehensive guide containing different methods to make money on TikTok:

TikTok Creator Fund

Creator-Fund

Users who have amassed a sizable following on TikTok can consider joining the ‘TikTok Creator Fund’ – an initiative by the company to help creators make money on the platform.

The fund, worth $200 million, was launched in 2020 to provide creators a chance to use their voice and creativity to grow in their careers.

Revenue from the Creator Fund can vary from one user to another and is often calculated taking into consideration the following factors:

  • Audience size
  • Posting Frequency
  • Type of engagement generated on the user’s posts

The eligibility process is quite strict, and it takes a lot of time and consistency to create content and grow the account.

TikTok Creator Marketplace

creator-marketplace

Creators on the platform can leverage the ‘Creator Marketplace‘ to collaborate with brands across various categories. Like the Creator Fund, the marketplace also has specific eligibility criteria for using the feature.

The current database has over 8 million active creators across 24 countries and regions on TikTok. As a creator, you usually receive invites from brands on the app, and you can then choose which brand you’d want to work with.

You must, however, understand that the contracts and payout differ for each campaign and brand.

TikTok Video Gifts

creator-video-gift-1

TikTok also rewards creators for creating high-quality content on the platform regularly. Followers can react to the videos, appreciating the creator for their efforts. TikTok Video Gifts have become an extremely popular method for emerging TikTokers to grow and monetize an audience.

You also get access to “diamonds” – TikTok’s virtual currency; whenever a user sends a virtual gift, you earn a diamond. Once you have enough diamonds, you can redeem them for cash rewards.

TikTok Tips

TikTok-Tips

Another good way to earn money as a creator is through the tipping feature on TikTok. Viewers can directly send tips to the creator’s account if they like their content and want to support the creator.

The feature was launched in late 2021 and allowed users to tip anywhere between 5 to 15 dollars to their favorite creator. Moreover, they can also put in a custom amount if they want to, increasing the chances of creators making good money as tips.

Similar to the Creator Fund, these tips also require you to have at least 100,000 followers, apart from having a steady engagement rate on your clips.

However, the TikTok Tips feature only applies to creators above the age of 18.

TikTok Live Gifting

live-gifting

Similar to the ‘Video Gifts’ feature, the TikTok Live Gifting option is another great method to make money on TikTok. Users can show appreciation through this option by simply clicking the ‘Gift’ option during your live sessions. It must be noted that you need to enable the feature to start receiving gifts.

For creators in the UK, Switzerland, or EU, TikTok replaces the “Virtual Items Policy” with a ‘Coins and Rewards’ policy. Users who purchase coins can then use them to buy virtual items for their favorite creator.

Selling on TikTok Shop

TikTok-Shop

One of the most popular methods to make money on TikTok is to sell merchandise. It is because people can resonate with your brand & feel comfortable making it a part of their wardrobe. You can also use this option to diversify your income and build an engaged audience online.

As a creator, you can also connect your TikTok Business account to eCommerce platforms like Shopify, Bigcommerce, and Ecwid to start selling online.

In addition, the TikTok Shop feature is another excellent way to sell products on TikTok. You can showcase your products at the following places:

  • In-feed videos
  • Product showcase tab
  • In the live video stream.

Affiliate Marketing

While selling merchandise is a great option, you don’t always need to own the products. Joining a Tiktok affiliate program in a niche can be an excellent strategy to make money on TikTok.

You can publish content with links to products from other businesses. Whenever a person purchases the affiliate link, you get a percentage as a commission.

A good way to redirect traffic to these affiliate links is by creating organic content, apart from putting it in your profile. TikTok Affiliate is a good program for both creators and businesses.

Song Promotions

Getting paid to add songs to your videos? Sounds unbelievable? But thousands of creators are now getting paid for using trending songs in their clips.

If you have a large following and engagement, musicians willingly pay to promote their songs in your videos.

Moreover, you can also publish your beats and songs on the TikTok platform.

Run TikTok Ads

tiktok-ads

About 43% of TikTok users are in the 18 to 24 age bracket. Therefore, TikTok is a great platform for brands and businesses marketing their products for Gen Z. The TikTok ads platform has several powerful tools to help your advertisements reach a wider audience. 

You can choose from various ad formats, targeting people by age, location, interests, and other factors. As a creator, you can select what works best for you.

In addition, you can also generate profile views and increase their followers by running targeted ads on the platform. 

Here are some of the popular ad formats being used on TikTok: 

  • In-feed Videos: These kinds of video ads appear on the ‘For You’ page of users who are a part of your target audience. 
  • Brand takeovers: This ad format allows your ad to expand to the width of the entire screen for a few seconds before it eventually switches back to being an in-feed video. 

There are multiple other ad formats on TikTok, using which you can sell digital and physical products on the platform.

Sponsored Post or Content

Brands often partner up with creators for various product and brand activation campaigns. As a result, they can sponsor posts directly on the creator’s profile. These campaigns allow brands to pay the creator for promoting their products organically through a series of posts.

If the posts gain traction, you can boost them further for more engagement and organic reach, exponentially raising your prices and income.

Donations and Crowdfunding

Crowdfunding is another popular option to create new, high-quality content without compromising on the financial aspect. As a creator, you can accept small amounts as donations during your TikTok LIVE sessions.

Donations-and-Crowdfunding

In addition, you can also set up a Patreon account to gain financial support in exchange for behind-the-scenes and premium content.

Suppose you want to start your own business; what will you do to test the market? As a creator, you can also use crowdfunding methods to test the viability of your idea.

Moreover, you can also run promotional campaigns on your TikTok accounts to build an audience for the same idea.

Grow and Sell TikTok Accounts

In addition to the above-mentioned methods, you can make money on TikTok by growing and selling niche-based TikTok accounts. It is a good way forward if you have a knack for audience building and can grow accounts organically.

To successfully sell TikTok accounts, you must focus on niche topics that are sustainable for the buyer since this makes it easier for the account buyer to continue posting content and maintain engagement.

Brands thinking about purchasing TikTok theme pages follow strict due diligence. It’s possible that an account with thousands of followers but very low engagement won’t produce results for them.

Keeping that in mind, if you’re looking to sell TikTok theme pages, you must only do so with brands that align with your page’s goals and target audience.

Author’s Note: An Overview

TikTok is a fast-growing platform with billions of users. With several creators now pursuing the platform seriously and a growing penchant for short-form, viral content, it offers a great opportunity to monetize creativity.

Thanks to all these methods, it has become easier to make money on TikTok. With the platform also pushing for a deeper creator-consumer relationship, the future for content creators like you looks promising.

If you’re a content creator serious about making money on TikTok, the ‘TikTok Creator Fund’ is the best option. It only requires you to grow a following and post great content. In contrast, the other options involve an element of financial risk, especially when it’s early days in your content creation career.

We hope these insights were helpful and that you can start diversifying your income as a creator using them and making money on TikTok.

You also explore some best TikTok video editors for showstopping visuals.

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