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TikTok offers European users £54m to make videos

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Kalila Sangster
·2-min read
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HAIKOU, HAINAN, CHINA - 2020/08/23: In this photo illustration, a TikTok logo seen displayed on a smartphone with a computer in the background. ByteDance, parent company of popular video-sharing app TikTok on Sunday confirmed it would be filing a lawsuit on Monday local time against the Trump administration over the executive order signed by President Donald Trump banning its service in the United States. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images)
TikTok's new fund is aimed at supporting creative talent in the UK. Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

TikTok has announced the opening of a new £54m ($72.7m) fund for European users of the social media video sharing platform.

The Creator Fund is aimed at helping TikTok users “turn their creativity into a career,” a spokesperson for the company said.

Users can apply through the app and the fund will be distributed throughout the year in regular payments to various creators as they release new content. Creators must have 10,000 followers and at least 10,000 video views in the last 30 days to qualify for consideration.

TikTok said it is “looking for inspiring creators across all themes and interests to take part, from stand-up comics to home chefs, beauty experts to artists.”

The fund is expected to rise to a total of £231m within three years, to “provide long-term support for the creator community.”

The company didn’t give details on the size of handouts from the fund but said it hoped to help “thousands of creators across Europe”.

READ MORE: What TikTok talks with Microsoft mean for UK and London HQ

The announcement comes days after TikTok CEO Kevin Mayer quit the company only 100 days into the job.

Mayer’s resignation came amid soaring tensions between US president Donald Trump’s administration and China over the Chinese-owned video platform.

TikTok is currently owned by Chinese tech firm Bytedance, which was last valued at $78bn (£61bn), making it the world's most valuable start-up. Since its launch in September 2016, TikTok has amassed over 300 million active users and 1.5 billion installs outside of China. TikTok has been downloaded 175 million times in the US alone.

The US government has voiced concern over TikTok, citing data and security risks. In August, Trump threatened to ban the app unless its US operations were under US ownership.

READ MORE: TikTok Rich List 2020

On 3 August, Microsoft (MSFT) confirmed ongoing talks to buy the US operations of TikTok, as well as subsidiaries in Canada, Australia, and New Zealand.

Days later, Trump signed an executive order giving Americans 45 days to stop doing business with ByteDance.

India has banned TikTok and other countries are also mulling similar moves. TikTok itself pulled out of Hong Kong earlier this year.