Influencers have been making money on TikTok since its first iteration as Musical.ly. While the monetisation options have been slim in the past, they are growing rapidly and set to continue. Now, there are several monetisation options, check out how to earn money on TikTok below.
The interest in how to earn money on TikTok is also increasing and for good reason. There are far more opportunities on the platform than ever before. TikTok is currently the world’s most downloaded iPhone app. And as TikTok surpasses 500 million monthly users, savvy brands are starting to sit up and pay attention.
Despite being a very new platform, most influencers aren’t starting from scratch when it comes to creating monetisation streams on TikTok. Other short video platforms like Vine have helped pave the way in understanding what income streams work and which do not.
Currently, TikTok influencers can use a range of monetisation strategies, which include a mash of options borrowed and proven to work from the likes of Instagram, YouTube, and Vine.
Below are some of the top ways influencers are earning money on TikTok.
Brand Sponsorships On TikTok
While more traditional brands who have only just come around to the idea of influencer marketing are likely a while off sponsoring users of the platform, smarter brands can see the power of the platform. TikTok is already bigger than Twitter and half the size of Instagram. This is massive reach for such a young platform.
Influencers who are familiar with Vine will also know that many brands have experience working with influencers on short-video platforms. It is proven to work and is doing so again with TikTok audiences.
How To Get Brand Sponsorships On TikTok?
Influencers who already have sponsorships on the likes of YouTube and Instagram should find TikTok a relatively simple add-on/upsell. Influencers can add their TikTok handle and link to media kits, update their info on influencer marketing platforms, and let brands know directly that this is another way they are engaging with their audience. This may result in larger campaigns and greater future opportunities across a broader range of platforms.
Influencers who are solely active on TikTok and haven’t got an existing audience on other platforms may find brands are a little more hesitant to use the platform as a stand-alone campaign. Influencers in this situation may approach this by being more active on influencer marketing platforms that provide sponsorship options across a broader range of platforms. Alternatively, they can reach out to brands directly.
There is a huge range of sponsorship options when it comes to TikTok.
- Simple advertising
- A brand takeover
- Brand or product placement
- Brand collaborations
The trick for influencers is getting this option in front of the right brands, so they may be considered for future campaigns and promotions.
Options for getting in front of brands include: working with an agency, becoming part of an MCN, joining an influencer marketing platform, and reaching out to brands directly.
Selling On TikTok
Influencers who have their own merchandise can take full control of their income streams and market their goods on the platform. This is perfect for established influencers with a large audience who are invested in the person or persona.
This is a great option for influencers who want independence from brands while still generating an income and supporting themselves and the content they create on the platform. It can also be a helpful way to keep audiences engaged and provide them with goods that the influencer truly believes in and represents them.
What Sells On TikTok?
Like any platform, there are endless possibilities when it comes to selling merchandise on TikTok.
The product doesn’t have to be merchandise or brand-related material. TikTok users who have their own store, create their products or distribute product, can use the platform to market their Etsy or online store.
Livestreaming With Live.ly
TikTok offers a built-in monetisation system with Live.ly. This allows users of their live streaming part of the app to make money through tips.
Influencers who are familiar with Twitch and YouTube’s live streaming monetisation options will find TikTok very similar. TikTok audience members can buy emojis or real money and tip streamers. And like other platforms, the streamer receives a portion of this tip, with the rest going to TikTok.
This is a great option for influencers who have a large and engaged audience who are interested in live-streamed content. While it may not be anything new for established influencers on other platforms, if TikTok is their primary platform it ensures they aren’t missing out on revenue streams.
For influencers who already have an established audience, this is the perfect monetisation option. The only hurdle to then overcome is promoting the live stream to ensure viewers are watching when the stream goes live.
Cross Promoting Other Platforms
Influencers who are already established (or want to be) across other platforms should leverage their TikTok success. While the payoff for this revenue stream is not direct, growing an audience on other platforms has proven to be an effective way or generating an income.
This is a very simple thing to do and should almost be done regardless of whether money is involved. Not all platforms last forever (ahem, Vine), so it is wise for influencers to cross-promote and grow their other platforms to ensure they will always be able to reach their audience.
How To Cross Promote On TikTok
There are a few simple ways to make cross-promoting other platforms more successful on TikTok.
- Plug other channels at the end of videos
- Use the same handle across platforms
- Add value with new and exclusive content on other platforms
- Engage with audience members differently across other platforms
- Keep other platforms regularly updated
Growing other platforms opens up revenue streams in the form of paid sponsorships and brand collaborations. No matter which platform an influencer is most active on, it is best to diversify as much as possible while remaining relevant to the audience.
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