TikTok, the social media app owned by China’s ByteDance Ltd., is giving its top U.S. talent a reason to stick around, even as President Donald Trump threatens a ban.
TikTok created a $200 million fund that will be distributed to some U.S. users with large followings to encourage them to continue providing innovative content, the company said. TikTok already helps its stars find advertising partnerships and deals with Hollywood talent agencies. Now the fund will help ensure U.S creators earn livelihoods directly from TikTok, too.
U.S. creators will have to apply for the fund starting in August. They must be over 18, post consistently and meet a certain follower threshold. TikTok stars’ “ability to connect with and bring joy to large audiences has already propelled thousands of creators into brand partnerships, sponsorships, and representation deals with some of Hollywood’s biggest talent agencies,” Vanessa Pappas, the app’s U.S. general manager, said in a blog post. “In a relatively short time, TikTok has grown to become a source of income and opportunity for creators and their families.” Eventually, TikTok will explore similar funds in other countries.