TikTok, a trending application for creating short videos, has become a popular platform to make money online. The major reason behind it is influencer marketing. Through this, people who can influence others can make money simply using their TikTok account. If you want to opt this way of making money, follow the steps mentioned below.
How to Make Money on TikTok
With so many losing income due to coronavirus, people are looking for new revenue streams and earning potentials. Social media has become a revenue source for many by becoming a social influencer on Instagram, Twitter and Facebook.
The fastest growing of these social apps is TikTok; The question becomes, how do you make money, and at what cost?
1. Make money on TikTok: different types of “TikTok Gifts”
First, let’s talk about Gifts. You must have heard about TikTok Gifts. So if you want to know about them keep reading the article.
TikTok Virtual gifts
You can earn virtual gifts by broadcasting a live video, a capability available only to those with 1,000 followers. If users are particularly pleased with your video, they may send gifts as tips. Each gift is worth a certain number of coins.
- Panda: 5 coins
- Italian Hand: 5 coins
- Love Bang: 25 coins
- Sun Cream: 50 coins
- Rainbow Puke: 100 coins
- Concert: 500 coins
- I’m Very Rich: 1,000 coins
- Drama Queen: 5,000 coins
Users have to purchase these coins with real money. They then use these coins to purchase gifts to give to other TikTok users.
The gifts you receive can be converted into diamonds, which you can cash in. Diamonds are worth 50% the value of coins: one-hundred coins equal 50 diamonds; 50 coins equal 25 diamonds. Each diamond is worth 5 cents. If you have 100 diamonds, you can cash in for $50.
However, TikTok also retains 50% of what you earn, so if you earned $50 worth of diamonds, you only keep $25.
You can withdraw your money only once you’ve reached $100, and you can’t withdraw more than $1,000 a day. You also need a verified PayPal account, to which TikTok will process the payment within 15 days.
What are the ?
First of all, you have to know what is the benefit of the Gifts we send to others on TikTok.
On TikTok you send Gifts to only those people you like and whenever you send a gift to someone on TikTok, then that gift-giver gets to know your Tiktok ID so that he also gives you Likes.
Moreover, you can withdraw diamonds as cash. That is, you can also earn money on TikTok, but for this, you have to be quite popular.
TikTok Real Gifts
Other types of gifts are those gifts that are delivered by TikTok to the TikTok Creator’s home like – watch, mobiles, etc. These gifts are sent by Tiktok to very famous people on cable TikTok.
Whom does TikTok send Gifts?
TikTok only sends gifts to those people who participate in trending TikTok Challenges. When their videos go viral, they actually win those specific challenges.
2. Make money on TikTok: Influencer Marketing
You can also make money on TikTok by becoming an influencer. Don’t worry, you don’t need one million followers to score brand partnerships. There are four influencer types that you can fall into.
- If you have more than one million TikTok followers, you could become a mega influencer. Mega influencers are usually celebrities who use their social media presence to seal deals with major brands. Kim Kardashian and Kylie Jenner are examples. Baby Ariel is also considered a mega TikTok influencer for having 30.5 million followers to date.
- With 40,000 to 1 million followers, you could become a Macro influencer, like @iamjustinvibes.
- If you have 1,000 to 40,000 followers, you could be a Micro influencer, like @xthuyle.
- Do you have less than 1,000 followers? you could be a Nano influencer, like @itsmeveraa.
Influencers, depending on their following and engagement numbers, can earn thousands of dollars per post. If your number of followers aren’t at the influencer levels and you are interested in TikTok marketing, you better start growing it now.
3. Make money on TikTok: TikTok Consultant
If you are an expert on all things TikTok, many are in need of your guidance. With this still being a relatively new social platform, people will pay money to hire you as a consultant to help them create their strategy, build their brand and boost their followers.
And if you help them get any deals or influencer agreements, you can even negotiate a percentage or a cut of that deal simply because you are their consultant and you have helped them go viral on TikTok.