How Millennials Are making Money Through TikTok
Millennials are using TikTok to pay their way through college and even buy penthouses. How? This app is slowly becoming a source of steady income for the thousands of young people that have gained millions of followers with their short videos.
TikTok works like YouTube, allowing users to share video content but this is where the similarity ends. TikTok has reached the highest number of downloads amongst social media apps and the number of users grows by the day.
TikTok is a great option for busy college students looking to make extra money or the millennial that has time on their hands and creativity. TikTok videos are a few seconds short, use little resources and in most cases just require some form of creativity to go viral. Unlike Instagram or YouTube, millennials using TikTok are not paid to post videos or get paid for ads run during their videos. Instead, TikTokers make money various ways.
The first way is through brand sponsorship. Companies are willing to pay money to reach the millions of people using TikTok. They can only reach them through their favorite video creators. Millennials with a large follower base are the only ones that can benefit from this. Brands want to reach their audience and approach creators to promote their brand or product in their videos.
Deals are flexible. Meaning that TikTokers with many followers can negotiate very large amounts of money for brand promotions. From people with above a million followers to those with just above 30,000 are making thousands from short videos. Brands target TikTok influencers based on their content, looking out for content that resonates most with their brand voice and tone. Not every millennial is making money from this.
Another way that millennials are making money through TikTok is by uploading their content to other platforms. That really is the great thing about TikTok, it lets the users put up their videos on platforms like YouTube making it possible to monetize their content outside the platform.
The income is never really direct. But the growth of an audience on other apps outside TikTok can grow to be a source of income over time. Instagram and YouTube eventually pay TikTokers with large enough audiences.
E-commerceTikTokers run virtual stores on the app by selling merchandise. These products range from personal merchandise like T-shirts to caps. Jewelry and stationery are also branded and sold through these channels. Most merchandise sales are run by millennials with a large following. These influencers find it easier to convince their audience to buy products.