Video sharing app TikTok has surged in popularity over the last year. Dominated by millennials and generation Z, many users have shot to fame as influencers on the platform.
A new report has revealed how much money TikTok influencers are earning per post and how much they’ll be earning in a years’ time.
At the top of the TikTok rich list is 17-year-old singer Loren Gray, who could make up to $175,000 (£133,638) per sponsored post, according to the report by Online Casinos.
The American teenager has over 35 million followers on TikTok, making her the most followed account. She posts daily on the platform and her posts have received over 2 billion likes.
By analysing current trends, the report predicts that in a year’s time, 19-year-old Indian actress Aashika Bhatia will have the most fans, with 194 million, and the potential to earn a staggering $973,720 per sponsored post. The Bollywood actress posts a variety of videos, from lip syncing to skits, with her popularity on the app set to explode in 2020.
The only animal in the rankings is canine internet sensation Jiffpom who comes in at number 10 on the rich list with 20 million followers and the potential earning power of $100,000 per sponsored post.
Chinese tech firm Bytedance, whose last valuation of $78bn (£61bn) makes it the world's most valuable start-up, is behind the app. Since its launch in September 2016 it has already amassed over 1.5 billion installs outside of China.
TikTok was the second most downloaded app in 2019, beating Facebook (FB), and Facebook-owned Messenger and Instagram with over 700 million downloads globally last year.
TikTok videos use either user generated music or commentary, sound from shows, movies, or games, or actual songs or mash-ups by artists, which are called “sounds.”
Users can record videos themselves and either attach their own sound recordings or select a “sound” that is available within the app. Special effects, templates, and video timers are also available.
“Sounds” are then pooled onto their own pages that pull in all videos that use that sound — creating a long list of related videos that usually follow one tone or theme, creating a meme in the process.
TikTok itself is on a revenue sprint — sales grew 540% year-on-year in the fourth quarter of 2019.
The company is also expanding and considering moving its global headquarters to London, Singapore, or Dublin, according to a report in the Wall Street Journal.