FROM diamonds to gifts valued in US dollars, making money on TikTok might seem easy but reaching financial success on the popular app requires a little more than creativity.
TikTok is the sixth most popular social media platform worldwide, with more than 1 billion users as of January. That’s a big market.
To make money on TikTok users must be 18 or older, have more than 10 000 followers, and have at least 100 000 views over the last 30 days. While on a TikTok live broadcast, creators can receive gifts from their followers that hold value in US dollar.
For a TikTok user to gift a creator in a live broadcast, they have to purchase coins in the app. In South Africa, the lowest coin purchase is R4.45 for 16 coins, and the highest is R4 820 for 17 500 coins.
Each gift has varying coin values, with the lowest being worth one coin and the highest being worth 34 999 coins.The gifts creators receive can be converted into diamonds. Diamonds are worth 50% of the value of coins.
This means that 100 coins are worth 50 diamonds, and 20 000 coins are worth 10 000 diamonds, etc. Diamonds are then valued at $0.05 each, but TikTok creators only receive a certain percentage of the total diamonds accumulated, as TikTok takes the rest.
While TikTok used to take 50% of the total collected, local content creators have since confirmed that the percentage they receive is less than 30% of their final winnings.After a user has accumulated $100, they can redeem the money from TikTok into their Paypal account.