How To Make Money on TikTok in 2024: 13 Proven Ways
How do you make money on TikTok? To comfort you, you aren't the only one. People have discovered TikTok is a goldmine and wants a piece of the pie. However, making money on the platform is as mysterious as it is lucrative. Sounds twisted, right? Don't worry; we will break it down for you to understand how to make money on TikTok in 2024: 13 proven ways.
TikTok was launched as a Gen Z-exclusive app, and it soon picked up to become the most powerful social media platform in the world. Its influence is so significant that many countries threaten to ban it due to data infringement concerns.
Although TikTok's future is uncertain in some markets, the app has the highest number of users globally and is still growing. Despite threats to shut it down, there's still time and potential to earn for content creators, brands, and entrepreneurs who know how to navigate the platform. The platform is known for its intriguing short-form videos that get millions of views.
Since the introduction of TikTok's new Creativity Program Beta in early 2023, the platform has become more lucrative. The new program promises creators to make 10x more. The program incentivises creators to create videos longer than one minute.
But how do people make money? The tactics we're about to disclose can be executed by a business or an individual who wants to make TikTok their business.
No more suspense. Let's find out how to make money on TikTok in 2024.
13 Proven Ways to Make Money on TikTok in 2024
Understanding TikTok, knowing your target audience, and how to create the right content will bring you close to making money on TikTok. You might have to maintain several income streams by leveraging TikTok's built-in monetisation tools to revamp your presence on the platform as a business.
Your journey to earning possibilities begins once your presence is full-fledged on the platform. Some strategies are dedicated to TikTok only, but there are other ways to use the platform as a springboard to drive traffic to different channels for the same purpose: making money. The methods to making money on TikTok are:
1. The TikTok Creativity Program
The TikTok creativity program replaced the TikTok creator fund, and users had to join to make money. The TikTok creativity program is open to people with a considerable following. Content creators with at least 10,000 followers and 100K authentic views on a video within 30 days can join this program. Here are qualities that make you eligible to join the creativity program:
- The user must be of legal age (18 years) to sign up
- A user must meet the minimum follower threshold and video views
- User accounts must be in good standing
- Creators who have already joined the TikTok Creator Fund can upgrade to the Creativity Program
How does the TikTok creativity program help you to earn money?
- Joining the program allows you to earn consistent revenue depending on the performance of the content you create. The more your content resonates with your audience, the more the views, and the higher your earnings.
- The program motivates content creators to create quality content that engages the audience.
- Participating in the TikTok creativity program boosts your recognition and credibility. The program is a nod from the platform that recognises your content as valuable.
- Most TikTok users are on the platform for the long haul. The creator's fund is a stepping stone for creators who make TikTok a full-time business.
2. Sell Your Merchandise on the TikTok
You can make money by selling your own products and merchandise on TikTok. To sell the merchandise, you create a small e-commerce store and list print-on-demand products to promote and sell through TikTok.
Creators like singers, dancers, or comedians can help promote and sell merchandise for the most loyal fans. The market has a wide variety of print-on-demand companies, meaning there is a ton of merchandise to choose from.
You can sell t-shirts, bed linen, tote bags, hats, pillowcases, branded coffee mugs, notebooks, or stickers. Selling these merchandise will bring revenue and a deeper connection between you and your followers while you build a personal brand.
3. Sponsored Posts and Partnerships
Sponsored content and partnerships on TikTok provide creators with an opportunity to make money. The platform has over 1 billion active users monthly, and brands are keen to tap into this vast audience for potential customers.
TikTok'ss Creator Marketplace connects eligible creators to brands as long as they have over 10,000 followers and 100K views on a video in the last 30 days. Gen Z values genuine interactions and authenticity, which makes TikTok attractive to brands. Earnings from sponsored posts and partnerships vary depending on followers, video engagement, and content quality.
4. Use Shopping to sell Products
TikTok Shopping was introduced in 2021 to empower businesses to sell products directly to customers on the platform. If you're active on the platform, you don't have to refer followers to another platform to purchase your products.
You can add a shopping tab to your profile to allow users to browse your catalogue and buy what pleases them. You can embed the link to your products to send viewers to your store, so don't be shy about mentioning your products to your audience.
Avoid promoting your goods too heavily, as this will bore your followers. A shout-out to your TikTok store here and there is enough to drive the message home.
4. Use TikTok Ads to Drive Traffic
TikTok ads can drive crazy traffic back to your eCommerce store, website, or your TikTok Shopping tab. There are two ways to run ads on TikTok, driving you to gain more followers and make money:
- Run image ads in your feed to promote your products or
- TopView ads, which take over the screen to boost your TikTok following
TikTok can also be a top-of-funnel resource to influence users to register for your email or SMS campaigns. This technique helps your TikTok account remain an influential income source without appearing too salesy.
5. Go Live to Get Virtual Gifts
Most social platforms, including TikTok, have a live streaming feature where users can interact with followers or fans in real time. However, TikTok's live stream is unique as it allows followers to appreciate hosts by sending virtual gifts that can be redeemed as cash.
LIVE Gifting is the most helpful feature on TikTok for creators seeking to monetise their content. Engaging users in real time is a great way for creators to build strong relationships with followers who, in return, determine their success. How? The question may linger.
Whenever you schedule a live stream, your audience will always turn up and give you gifts as a sign of appreciation. TikTok users are super generous and always gift creators whose content resonates.
If you make live streaming your thing, you can sell your products directly to your fans. Many eCommerce retailers have discovered the beauty of TikTok live streaming as it generates more revenue than any other social media platform.
6. Earn Money from Patreon Subscriptions
Create free content on TikTok, but woo your followers to support you on Patreon to unlock exclusive content.
Patreon is a creator-based subscription platform where creators earn a regular passive income. The tool is handy for creators seeking to create a private membership space for followers only. Followers access Patreon by paying a monthly subscription.
Creators incentivise followers to subscribe to Patreon by creating exclusive content only accessible to members. Members enjoy early access to new content and videos the creator posts. You can offer them physical perks on different membership levels, like customised gifts or postcards to hook up your fans and keep them coming back.
Keep subscription costs low to focus on growth and increasing the number of subscribers. The lowest monthly subscription can be $1 and will sell quickly for a dedicated fan. When subscribers add up, the dollars will start to add up.
Besides subscription funds, Patreon can also be a community space where you interact with your followers, and they can talk to each other. Thus, TikTok creators looking to build a large community of followers should consider Patreon as they'll receive consistent income from subscribers.
Here are some best practices once you monetise your TikTok account through a subscription service.
- Reward your subscribers with worthwhile content
- Appreciate your fans directly so that they keep supporting your work
- Keep subscription fees low
- Create new content consistently
7. Collect Tips
The TikTok tipping feature is an easy way to collect tips in-app. Users can tap a convenience button on your profile to tip you whatever amount they wish. Tipping on TikTok is like tipping on all other platforms, where customers leave an amount to appreciate the service rendered, but it's not mandatory. Therefore, you should ensure the videos you create are worthwhile to earn that tip from your followers.
8. Affiliate Marketing
TikTok influencers have a massive following on the platform, giving them an upper hand to monitor their content. Affiliate marketing is a strategic avenue through which TikTok influencers promote products, services, or brands to earn commissions for every purchase made through their affiliate link. The audience on TikTok is mainly Gen Z and Millenials and they make it a hotspot for affiliate promotions. But how do you do it? Follow these four practices:
- Embed your unique clickable Affiliate Link in Bio to direct followers to the products you're promoting
- Integrate organic promotion in your videos by subtly mentioning the products. However, you should ensure the products resonate with the content and your audience.
- Use tools that boost affiliate efforts by offering customisable templates for bio links.
- Although you're promoting products to make money, remember to align the products to your audience's interests to maximise conversion rates.
9. Promote, Create, Sell Music
On TikTok, almost all videos have a song playing in the background for creators to lip-sync and dance to. Creators who have been around TikTok recognise the value of music on the app. Hence, if you're an upcoming artist, you can create content related to your music to earn money and promote it.
Additionally, if your videos go wildly viral, you can get paid to add specific songs to those videos. If your following is large enough and you can create engaging content, musicians will pay you to promote their music in your content. The more a song goes viral, the higher the downloads if the music is available.
Initially, TikTok was created for people to sing and dance. So, if you can publish and promote your beats on the platform, you'll be smiling at the bank. However, remember to produce quality music that is worth listening to.
10. Become a Brand Ambassador
The role of a Brand Ambassador is similar to that of sponsored content. However, brand ambassadors work on a long-term basis rather than a one-off engagement.
Brand ambassadors receive compensation and freebies in exchange for posting a fixed number of videos weekly or monthly. The better your content performs, the sweeter the deal for you.
Look for brands you love to work with, especially one that can help grow your network, receive gear you like, have fun, and make money.
How do I become a brand ambassador? Poke your favourite brand websites, as most have exclusive ambassador application pages, to see if they have any open enticing programs. On their website, poke around your favourite brands to see if they have enticing programs.
11. Build a TikTok Account for Sell
Do you have a knack for building TikTok audiences fast? Do it repeatedly to earn a living.
Creating a TikTok account is easy, but getting it off the ground and building a massive following needs dedication and time. Many creators and businesses would appreciate a headstart on TikTok, and if you can do so quickly, you will have a ready list of potential buyers.
Build accounts thinking of potential industries that would love to purchase a lucrative TikTok account and target them.
An account with a car profile might be easier to sell than one with a cat GIF. To ensure the followers you amass don't get used to your profile or name, steer clear of creating accounts with personal profiles. Instead, focus on creating a profile and content that resonates with the subject material.
12. Crowdfunding
If you need to raise funds to complete a project or challenge, crowdfunding is an ideal way to do so on TikTok from your audience. Use sites like Kickstarter to set a donation goal and encourage your followers to donate to the cause. In return, you can offer them an incentive to donate, like a reward when the project is complete.
Crowdfunding is mostly used by people to raise money for a good cause, such as charity, events, or assisting an unfortunate fan. You can also crowdfund to support your content. For instance, if you know a product your followers would love, you can crowdfund to get the business.
Frequently Asked Questions
What do I need to monetise my TikTok account in 2024?
You can monetise your TikTok account by joining the TikTok Creativity Program. To apply for the TikTok pro/creator account, a creator must have a 10k following and 100k views on a video in the last 30 days.
Do I need to be verified to make money on TikTok?
Verification isn't mandatory, but it increases your credibility on the platform and more opportunities to make money. However, if you're on the platform for fun only, you can create and share content as you please.
What is a qualified TikTok view?
Qualified TikTok views are distinct video views from the For You feed minus views with fraud, paid, and disliked views. Views watched for less than 5 seconds, artificial views, and promoted views are also excluded. Videos from the For You feed must reach 1000 views to start earning money.
In Summary
TikTok is poised as the throne for short-form video content, making it a force to reckon with. The majority of Gen Z rely on TikTok, their primary source for current trends in fashion, culture, politics, and more.
Therefore, to make money on TikTok, you must create content that resonates with Gen Z and millennials. Gaining a massive following on TikTok can be unexpectedly rewarding if you understand how the platform functions.
If you're creative enough to make engaging videos, you can convert them to cash by gaining a decent following on TikTok and monetising your account. TikTok offers a level ground for creators to establish their brand, and those who get it right are making a killing on the platform.
With its massive user base, TikTok is constantly evolving with new features and many options for creators to monetise content. If you're yet to join TikTok, it's time to unleash your creativity, have fun, and make money by joining the platform. Do you have questions on how to make money on TikTok in 2024? Kindly contact one of our experts here.