TikTok is shutting down its Creator Fund

TikTok is shutting down its Creator Fund.

That is devastating information for anybody who makes cash off the app, which incorporates most social media creators. In keeping with analysis from Epidemic Sound, 30 % of creators mentioned TikTok is the highest platform for producing revenue, adopted by YouTube (25.8 %), Fb (16.5 %), Twitter (13.1 %), and, on the backside of the listing with simply 7.1 %, Instagram.

The app will formally shut down the fund — which pays creators with no less than 10,000 followers and no less than 100,000 views on their movies within the final 30 days — on Dec. 16, based on a Monday report from Fortune. The information is not completely stunning: When TikTok first launched the Creator Fund in 2020, it mentioned it could solely be paying creators for 3 years.

A TikTok spokesperson mentioned in an announcement to TIME that the corporate is dedicated to creating “the most effective expertise attainable on TikTok and supply a strong ecosystem of monetization choices to creators.”

“A part of our efforts and ongoing dedication to offer requires us to evolve merchandise and apply assets elsewhere to help creators finest and discover new choices,” the spokesperson informed TIME. TikTok didn’t instantly reply to a request for remark from Mashable.

TikTok’s creativity fund remains to be round by way of its Creativity Program, although. It pays authorized creators who make movies longer than a minute. However in contrast to the Creator Fund, the place you make cash off all of your movies, the Creativity Program solely helps you to make cash on these longer-form movies.

Seems like TikTok simply took its subsequent step into long-form content material.