Is it Possible to Make Money on TikTok in 2024? Yes, it is possible to make money on TikTok in 2024 through various monetization features such as the TikTok Creator Fund, brand sponsorships, TikTok LIVE, and affiliate marketing. By building an engaged audience and leveraging TikTok’s expanding money-making options, both creators and businesses can generate income from their content and presence on the platform.
Key Takeaway:
Use the TikTok: Creator Fund to earn from views.
Engage: in brand sponsorships for additional revenue.
Utilize TikTok: LIVE and tips to earn directly from fans.
Incorporate: affiliate marketing to maximize earnings.
When you open TikTok these days, the app feels like a non-stop variety show starring creators living their best lives. The short-form video app now boasts over 1 billion monthly active users worldwide. We see glimpses into jaw-dropping lifestyles and assume TikTok must pay the bills.
But is monetizing success on TikTok actually possible for regular people? Can you realistically earn income as a TikTok creator or by leveraging the platform as a business?
The answer is yes – TikTok offers genuine money making potential! While becoming a celebrity creator with millions of followers takes tremendous luck and effort, you can start small. Build an audience doing what you love and explore money-making features.
In this beginner’s guide, we’ll dive into the main strategies for monetizing on TikTok in 2024. Whether you’re a creative looking to turn passion into profit or a business hoping to leverage the hyper-engaged TikTok audience, exciting opportunities exist!
Table of Contents
Overview: Making Money on TikTok in 2024
Before diving into specific strategies, let’s look at the landscape and opportunities shaping TikTok monetization this year:
Rapid Growth of Users and Engagement
As mentioned above, TikTok hit 1 billion monthly active users in September 2021. But what’s more impressive is the level of engagement on the platform. Users spend an average of 52 minutes per day on TikTok, more than rivals like Instagram and Snapchat.
This extreme growth and addictive engagement capture the attention of brands and creators alike seeking to capitalize on this booming platform.
Evolving and Expanding Monetization Features
TikTok continually rolls out new features that enable monetization opportunities:
- TikTok Creator Fund: Directly pays creators for views on their videos based on region and content category. Recently expanded to more types of video content.
- TikTok Creator Marketplace: Connects creators with brands for sponsorships, paid partnerships and other business opportunities.
- TikTok LIVE Subscriptions: Loyal followers can pay a monthly fee for exclusive content from their favorite creators.
- TikTok Tips: Fans can send direct payments to show appreciation for creators’ content.
- TikTok Shopping: Allows creators to add shoppable product links for a more seamless path to purchase.
As TikTok expands these money-making capabilities, it empowers more users to turn their passions into profits.
Surging Influencer Marketing Industry
The influencer marketing industry is booming, expected to reach $16.4 billion in 2022. Nearly half of TikTok users follow at least one creator.
This presents a major opportunity for brands seeking influencer partnerships and creators looking to monetize their audience. TikTok’s engaged communities enable organic collaborations between artists, brands, and fans.
Now that we’ve covered the landscape, let’s explore specific strategies for making money on TikTok as a creator or business.
Direct Monetization for TikTok Creators
TikTok provides creators several ways to earn money directly from the platform based on their content’s performance.
Join the TikTok Creator Fund
The TikTok Creator Fund offers creators a chance to earn a steady income based on their TikTok views. To qualify, you must:
- Have at least 10,000 authentic followers
- Receive 100,000 video views in the last 30 days
- Be at least 18 years old
- Maintain acceptable content guidelines and community guidelines
If approved, how much can you make? Payout rates vary based on factors like:
- Region: U.S. creators tend to earn more per view than international markets
- Views: More views equals higher earnings
- Engagement: Comments and shares boost payout rates
According to TikTok, top creators can earn up to $1.5 million per year through the Creator Fund.
“TikTok’s Creator Fund provides creators with the opportunity to earn money for the creative content they produce. Since launching the U.S. Creator Fund in 2020, we’ve paid more than $1.2B to American creators.” – Vanessa Pappas, TikTok U.S. General Manager.
To maximize earnings, focus on producing binge-worthy content daily, leveraging engagement features like duets, reactions, and hashtags. Consistency and quality are key – not just chasing viral one hit wonders.
Join Creator Next for Additional Opportunities
Applying for TikTok’s Creator Next program opens up additional money making opportunities like:
- Getting matched with brand partnership deals
- Accessing licensed music tracks to use in your content
- Attending exclusive events only for Creator Next members
To qualify for Creator Next, you must have at least 25,000 authentic followers. Perks include a dedicated account manager, creator education streams focused on how to earn more money on TikTok.
Share Your Passions via TikTok LIVE
TikTok LIVE allows you to broadcast real-time to your followers. Fans can purchase and send virtual gifts to show support during LIVE streams.
As a creator, you can convert these virtual gifts into cash rewards. Top creators earning over $10,000 per LIVE session!
The key is consistently engaging your audience. The longer fans stay captivated, the more likely they’ll send gifts your way.
Activate TikTok Tips
Die-hard supporters can send direct payments through TikTok’s tipping feature. Activate tipping to give fans a seamless way to compensate you for content they love.
You must be at least 18 years old with a minimum 1,000 followers. Similar to LIVE gifts, the key is keeping fans engaged. Consider creating exclusive content only available to those who provide tips.
Leveraging Brand Sponsorships on TikTok
A major money-maker on TikTok is collaborating with brands through sponsored content.
The platform makes it easy to organically build an audience and attract potential sponsors. According to Influencer Marketing Hub, over 75% of TikTok users have engaged with branded content.
Here are tips for scoring sponsorships:
Become a TikTok Nano or Mega Influencer
In the influencer world, follower count matters. But you don’t need millions to attract deals.
Nano influencers have 1,000 – 10,000 engaged followers – a range achievable for most consistent creators. Brands value nano influencers for their niche, highly engaged communities driving meaningful conversions.
Mega influencers boast followings from 100,000 up to 1 million. At this level you can land big sponsorship deals from major brands.
“I started creating content consistently, using all trending sounds. Brands took notice of my engagement + started reaching out. I’ve worked with the NFL, NBA, FashionNova, & more!” – @mrandmrsbentley.
Pitch Brands that Align with Your Niche
Research brands relevant to your niche that might value TikTok sponsorships.
For example, if you’re a lifestyle vlogger, consider pitching supplements, fitness gear, healthy snacks or beauty brands.
When reaching out, customize your pitch explaining why you align with the brand and your audience. Provide examples of successful campaigns and realistic pricing based on your current follower count and engagement metrics.
Create High Quality Branded Content
The key to converting sponsorships into long-term partnerships is creating stellar branded content that performs.
Ensure the brand aligns naturally with your niche and persona. Seamlessly feature/highlight products within your content versus awkwardly splicing in random promotions. Track engagement and conversion metrics to showcase your ROI potential to current and future sponsors.
Selling Products via TikTok Shop
Beyond sponsorships, you can earn money by selling your own products directly to TikTok fans.
Link Your Online Store
TikTok Shop allows you to showcase a catalog of products for viewers to purchase within the TikTok app.
You can link your own online store site (like Shopify), or list products directly in TikTok Shop. Share shoppable product links in your TikTok videos, profiles and LIVE streams.
“I promote my small shop on TikTok by making cute videos showcasing my products in real time. This style really engages my audience and drives conversions!” – @trinketsbykate
TikTok Commerce is still a relatively new and evolving feature. But early adopting sellers are already seeing stellar conversion results.
Community Rewards for Loyal Fans
Super fans willing to invest in your success can become paying subscribers. TikTok provides creators two options for loyal community support.
Offer Exclusive Content with TikTok Subscriptions
Diehard fans can pay a monthly fee via TikTok Subscriptions for exclusive content from their favorite creators. This recurring revenue stream allows you to earn monthly income from your most engaged followers.
Post subscriber-only content to reward loyal fans. You could share behind-the-scenes footage, bloopers/outtakes, special discounts or early access to new products.
Go LIVE Regularly
As mentioned earlier, TikTok LIVE enables another way for loyal fans to support you via virtual gifts. The key to maximizing LIVE income is streaming consistently so you build a viewer base that tunes into each session.
Shoutout fans by name when they send gifts to foster a stronger connection. Offer subscribers-only LIVE sessions as an additional perk.
Maximizing Income with Affiliate Links
Affiliate marketing works perfectly with TikTok. You earn commissions promoting other brands through your content and links.
First, seek out affiliate programs for brands relevant to your niche. Once approved into networks like Amazon Associates or CJ Affiliate, you’ll receive custom links and offers to integrate into your TikTok presence.
When viewers click your links and complete actions like site visits, sign ups or purchases, you earn a % of revenue generated.
“I feature affiliate links to products mentioned in all my TikTok videos. Last month I earned over $5k in commissions! Affiliate income really adds up.” – @makingitasacreator
You can promote affiliate links directly in your TikTok captions/profile. But that feels salesy.
Instead, seamlessly showcase products in your content then add affiliate links to an outside landing page or your TikTok Shop. This helps convert viewers into buyers once they click-through.
Extra Opportunities to Explore
While the above strategies represent primary ways to monetize on TikTok today, new opportunities continue to unfold.
TikTok Resumes
TikTok launched TikTok Resumes as a way for job seekers to showcase their skills and experience. Brands like Chipotle, Target, WWE hosted branded challenges searching for new talent.
Could TikTok Resumes evolve into gigs for creators? Imagine brands paying influencers to promote openings using branded hashtags and content.
Selling TikTok Accounts
Legally selling TikTok accounts remains controversial but activity exists if you search online marketplaces. Use caution and research laws if exploring.
Key Takeaways: Monetizing on TikTok
Hopefully this guide provided a helpful overview of how to earn money on TikTok in 2023. Here are the key money-making strategies to remember:
- Join the TikTok Creator Fund to earn steady payouts based on your content performance
- Produce stellar branded content through influencer sponsorships
- Sell your own products seamlessly via TikTok Shop
- Reward loyal fans via LIVE gifts and premium Subscriber content
- Earn recurring commissions with strategically placed affiliate links
TikTok empowers creators and brands by providing multiple built-in monetization features. But ultimately, your success boils down to consistently engaging an audience around content they love.
The platform reaches over 1 billion active monthly users – representing a massive opportunity for artists to transform creativity into careers.
Hope this guide provided some ideas and inspiration as you explore the money making possibilities on TikTok!