How to Make Money on TikTok in 2023

Are you wondering if you can earn money on TikTok through likes? Well, here’s the deal – while likes do play a role, views and followers have a more significant impact on your earning potential. Let’s dive into the details of how you can make money on TikTok and the various strategies you can employ.

The TikTok Creators Fund

TikTok pays its creators through the TikTok Creators Fund. To qualify for payment, you need to have gained 100,000 views in the last month and have over 10,000 followers. However, it’s not just about the numbers. You must also produce original content and adhere to all community guidelines. Maintaining authenticity and engagement are crucial in meeting the requirements of the Creator Fund.

The payout structure of the TikTok Creator Fund hasn’t been revealed yet, but factors such as the authenticity of views, engagement, likes, comments, and overall engagement play a significant role. According to market studies, TikTok pays between 2 and 4 cents for every 1000 views. So, if your content reaches 1 million views, you can expect to earn $20 to $40. However, it’s important to note that the Creator Fund is currently only available in the US, France, UK, Germany, Italy, and Spain.

But keep in mind that TikTokers can make way more money through other channels if they go viral or consistently get a high number of views.

Other Ways to Monetize on TikTok

While the Creator Fund is a clear path to monetization, there are several other avenues through which you can make money on TikTok. Let’s explore some of these options:

Brand Partnerships

One reliable way to monetize your content is through brand partnerships. By collaborating with a brand, you can create sponsored content, including posts and videos promoting their products or services. As TikTok has a younger demographic, it’s an ideal platform for advertisers.

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Creators can engage in branded hashtag challenges, product reviews, and encourage their audience to make purchases. When partnering with brands, it’s crucial to consider their values and how they align with your target audience’s values.

TikTok’s Creator Marketplace

TikTok’s Creator Marketplace is a platform where brands and creators can collaborate. To be eligible to apply for this platform, you need to have more than 100,000 followers. It offers opportunities to find brand deals and partnerships.

Being part of the Creator Marketplace provides support for brand campaigns, collaboration tools, tips for creating advertiser-friendly content, and allows brands to view your analytics. If a brand is interested in collaborating with you, you will be notified.

Affiliate Marketing

You can also earn money on TikTok through affiliate marketing. By directing users to a specific link, you can earn a commission for each click. Some brands may even provide you with a unique promo code to mention in your TikTok videos.

To get started with affiliate marketing, you need to register yourself on platforms like Amazon Associates and ClickBank. Adding a link to a product or campaign in your bio and utilizing platforms like LinkTree can help you maximize your affiliate marketing efforts.

Selling Your Own Products

TikTok can be a fantastic platform for selling your own products. Create innovative short videos showcasing your products and appeal to your target audience. With over 1 billion active users, TikTok provides an ideal opportunity for social media marketing.

Many content creators with a substantial following create merchandise around their personal brand, such as clothes, mugs, pillowcases, tote bags, and more. Selling your own products can be a lucrative strategy to generate income.

LIVE Gifting

Monetizing your content through the live gifting feature can be advantageous. While other social media platforms offer live streaming options, TikTok provides an option for monetization. During live sessions, your followers can buy virtual gifts using real money. Once you reach a certain amount, you can redeem it as actual money. Engaging with your TikTok followers in real-time helps build strong relationships and fosters a loyal community.

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Crowdfunding and Collecting Donations

If you have a decent following on TikTok and have built a strong community around your personal brand, crowdfunding can serve as a way to earn money. You can host live fundraising events or rally users by setting up a funding goal. Additionally, you can accept donations for personal finance, such as purchasing equipment for creating videos. Remember to appeal to your followers in a polite and humble manner.

The Highest-Earning TikTok Creators

TikTok has skyrocketed the fame and earnings of many creators. Let’s take a look at some of the highest-earning TikTok influencers according to Forbes in 2022:

Charli D’Amelio

With over 133 million followers, Charli D’Amelio is the most followed TikTok influencer. She has earned an estimated annual income of more than $17.5 million. Apart from her viral dance videos, Charli has collaborated with brands like Prada, launched her own clothing brand, and partnered with big fashion brands such as Morphe Cosmetics.

Dixie D’Amelio

Dixie D’Amelio, Charli’s older sister, has carved out her own success on TikTok. With over 57 million followers, she earns an estimated income of more than $10 million. Unlike Charli, Dixie focuses more on music and released her first single, “Be Happy,” which topped the Billboard Top Thriller US chart and became the most trending video on YouTube.

Addison Rae

Addison Rae, with over 86 million followers, earns more than $8.5 million. She has partnered with brands like Daniel Wellington, Reebok, Fashion Nova, and American Eagle for sponsored content. Addison has even started her own makeup line called Item Beauty, collaborated with Netflix, and landed lead roles in shows and movies.

Bella Poarch

Bella Poarch has gained massive popularity in less than two years on TikTok. With over 87 million followers, she earns more than $5 million per year. Sponsorships with major brands like Google, Prada, and Tinder have boosted her income. Bella also released her own single, “Build a Bitch,” which reached the 56th position on Billboard’s pop chart.

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Josh Richards

Josh Richards, with more than 26 million followers, earns close to $5 million. He is known for his singing and lip-sync videos and has partnered with brands like Houseparty and Reebok. Additionally, Josh has co-founded a talent management agency called Talent X, joined Triller as its Chief Strategy Officer, and co-founded a venture capital firm called Animal Capital.

Strategies to Make Money on TikTok

Now that you know the various ways to monetize on TikTok, let’s explore some strategies to effectively make money:

Find Your Niche

To earn money on TikTok, you need to define your niche. Choose a theme for your content, whether it’s dancing, comedy, or something else. By focusing on one niche, you can identify and engage with your target audience more effectively. Having a target audience within a specific niche also helps you stand out from the competition and attract brands.

Interact with Your Followers

Building a strong and loyal community is crucial for long-term monetization. Engage with your followers by replying to their comments, liking their posts, and responding to their DMs. You can even perform duets with your followers using TikTok’s features. These small gestures of appreciation foster a sense of connection and loyalty among your followers.

Post Non-Sponsored Content Regularly

While brand deals and sponsorships are exciting opportunities, it’s important to consistently post non-sponsored content as well. Your audience will appreciate the authenticity and variety in your content. Strive to strike a balance between sponsored and non-sponsored content to maintain your followers’ interest.

Be Authentic

Authenticity is key to building trust and maintaining a loyal following. Be yourself and create content that resonates with you. Don’t simply create content to please others. Use your creativity, stay true to your values, and feel satisfied with the content you produce. Authenticity goes a long way in establishing a genuine connection with your audience.

Making money on TikTok can be challenging, but with consistent effort, you can turn it into a sustainable source of income. Remember, creating engaging and creative content will help you maximize your earning potential. While having a large number of likes, views, and followers is important, it’s equally crucial to focus on generating value for your audience. So, get ready to unleash your creativity and embark on your TikTok money-making journey!

Source: Influencer Marketing Hub

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