Background:
TikTok has introduced a new feature, ‘TikTok Series’, as another way for content creators to make money in the app by putting certain content behind a paywall.
Details and Implications:
TikTok’s new feature called ‘Series’ will allow eligible creators to make collections of videos available to purchase. Each collection can have up to 80 videos, and each can be up to 20 minutes long. In the announcement, TikTok said: ‘Today we’re introducing Series, a new way for creators to share their stories, talents and creativity as premium content while further deepening their connection with the TikTok community.’
The expanded video length for Series will give creators more flexibility and time to film content, be it beauty tutorials, cooking demos, educational videos, or comedy sketches. Creators can choose how much their Series should cost ‘that best reflects the value of their exclusive content’, with prices ranging from $1 to $190. TikTok users can purchase access to the Series via direct in-video links or through a creator’s profile.
Initially, eligible creators can keep 100% of their earnings (after applicable fees). TikTok will likely start to take a cut in the future, but what form that revenue split will take has not been specified.
This paywall monetization model resembles other creator platforms like Patreon and OnlyFans. However, creators cannot post adult content, as they must adhere to TikTok community guidelines.
Series is only available to select creators, with applications to join the program opening up ‘in the coming months’. Creators must meet eligibility requirements, including being at least 18 years old and having a minimum of 1,000 – 100,000 followers and 1,000 – 100,000 video views within the last 30 days.
TikTok developed the new Series feature based on feedback from creators on current earning opportunities, including the Creator Fund, which have been criticized for low payouts. The new program aims to address these concerns and adds to TikTok’s existing monetization tools, such as LIVE subscriptions, TikTok Pulse, and tips and gifts features.
Summary:
TikTok is looking for more ways to boost growth and compete with platforms like YouTube, which has started revenue sharing for Shorts, its short-form video feature. TikTok’s new Series feature will allow the app to better reward its creators, who are vital to its growth and popularity. The success of Series will depend on how creators make use of the feature and if their fans are willing to pay for more exclusive content.
Taken from: https://www.mindshareworld.com/news/pov-tiktok-series