Best Way to Earn Money From TikTok in 2024
Best Way to Earn Money, TikTok continues to be one of the most popular social media platforms, with billions of users worldwide and a strong presence across all age groups. For creators, TikTok offers a wealth of monetization options, and with the platform’s algorithm still favorable to new creators, now is the perfect time to start making money from TikTok. Here are the best ways to earn money from TikTok in 2024.
- TikTok Creator Fund
The TikTok Creator Fund is the platform’s in-house program to reward creators for the content they produce. Launched in 2020, the fund has been a way for TikTok to directly pay creators based on their views and engagement. However, not everyone is eligible. To qualify, you need:
- To be 18 years or older
- Have a minimum of 10,000 followers
- Accumulate at least 100,000 video views in the last 30 days
- Be based in a region where the Creator Fund is available
TikTok pays creators based on various factors, including video views and engagement. While the payout per view isn’t very high, it can add up over time, especially if you consistently produce viral content.
- Brand Partnerships and Sponsored Content
Brand partnerships remain one of the most lucrative ways to earn money on TikTok. In a sponsored content arrangement, brands pay creators to promote their products or services. These partnerships can be highly profitable, as brands recognize the influence TikTok creators have over their audiences, especially in niche markets.
To attract brand partnerships:
- Build a strong following and high engagement rate.
- Focus on a niche (e.g., beauty, fitness, gaming) to become a go-to creator in that area.
- Reach out to brands you genuinely like, or apply for collaborations through platforms like Influence.co, AspireIQ, or FameBit.
Successful brand partnerships require authenticity, so make sure to partner with brands that align with your content and values. Authentic sponsored content can lead to long-term collaborations and significant earnings.
- Selling Your Own Products or Services
If you’re an entrepreneur or have a product line, TikTok can serve as a powerful sales platform. Whether you’re selling physical products, digital goods, or offering services, TikTok can drive traffic and increase conversions. You can:
- Use TikTok’s Shop feature to showcase and sell products directly on your profile.
- Share tutorials, product reviews, or demos to build trust with followers.
- Encourage user-generated content to spread the word about your offerings.
Creators often use TikTok to sell everything from custom merchandise and beauty products to digital products like e-books, courses, or consulting services. You can promote a product website link directly on your TikTok bio or use in-video CTAs to direct viewers to purchase.
- TikTok Gifts and Diamonds in Live Streams
TikTok allows creators to receive gifts from their followers during live streams. These gifts, which are virtual icons purchased with real money, can then be converted into “diamonds” and redeemed for cash. To access this feature, you need to have at least 1,000 followers and be 18 years or older.
To make the most out of TikTok live streams:
- Schedule live streams consistently to attract a regular audience.
- Engage with your audience directly, answer questions, or play games to increase interaction.
- Offer value through tutorials, Q&A sessions, or live performances.
This method works best for creators who enjoy interacting with followers in real time. The more engaging and interactive your live streams are, the more likely followers are to send gifts.
- Affiliate Marketing
Affiliate marketing on TikTok involves promoting other companies’ products or services in exchange for a commission on sales. Many brands and companies offer affiliate programs, giving you a unique link to share with your followers. When someone purchases through that link, you receive a portion of the sale.
To succeed with affiliate marketing:
- Choose a product
- Share honest reviews or demonstrations to build trust.
- Use trackable links in your bio or through link aggregators like Linktree to track clicks and conversions.
Affiliate marketing can be especially effective if you are in a niche like beauty, tech, or fashion, where people are often looking for product recommendations.
- Creating and Selling TikTok Content for Businesses
With the rise in TikTok’s popularity, many brands want a presence on the platform but don’t have the resources to create engaging TikTok content. Here’s where skilled creators can step in. By offering to create content for businesses, you can charge for your expertise in crafting engaging videos.
To get started:
- Build a portfolio by creating sample videos or showcasing your TikTok.
- Pitch your services to local businesses or brands.
- Offer packages that include brainstorming, script writing, filming, and editing.
Businesses may also hire creators to act as “brand ambassadors”, producing regular content in exchange for compensation. This could be a one-time service or an ongoing collaboration.
- Subscription Models and Paid Content
With TikTok’s expanding monetization options, creators can now charge for exclusive content. TikTok introduced “TikTok Series” in 2023, allowing creators to charge viewers to access a series of exclusive videos. This subscription model is ideal for creators who offer specialized content, such as educational tutorials, fitness guides, or expert insights.
When using subscription models:
- Make sure you’re offering high-value content not available in your free videos.
- Promote the exclusive content in your regular videos to attract subscribers.
- Consider bundling your TikTok content with other platforms (like Patreon) for added value.
- Crowdfunding and Patreon Support
If you have a loyal following, crowdfunding can be an excellent way to generate revenue. Platforms like Patreon or Ko-fi allow creators to earn directly from fans who want to support their content. Many creators use these platforms to offer paid memberships with exclusive content, behind-the-scenes videos, or direct access through live Q&A sessions.
Crowdfunding works best when:
- You’re transparent about what the funds will support, such as new equipment or content ideas.
- You provide tangible benefits, like exclusive content or early access to videos.
- You actively engage with your patrons to build a sense of community.
Conclusion
Making money on TikTok in 2024 involves a mix of platform-native monetization features, like the Creator Fund and live stream gifts, alongside more traditional revenue streams, like brand partnerships and selling products. Diversifying your monetization strategies will help maximize your income and ensure stability, even if platform policies change. The key is to create engaging, consistent content that resonates with your audience and positions you as a trusted figure in your niche. With the right approach, TikTok can become a lucrative source of income in 2024 and beyond.
