👉 Background: TikTok is the video-based social media platform with over 1 billion monthly active users. Its parent company, ByteDance, is one of the most valuable privately held tech companies in the world.

👉 What happened: Now, TikTok announced a $6 million fund that's going towards paying creators of filters and visual effects on their platform.

• A creator's effect needs to be used in over 500,000 videos in 90 days as a baseline to get paid with $1,050.

👉 What else: This fund is a step in the right direction for TikTok, but it might not be enough for creators to feel loyal to the platform.

What's the key learning?

💡In the world of content creation, social media platforms need the creators as much as the creators need the platform. While content creators need a place to reach their audience and engage with them, social media platforms need creators who build and attract a dedicated fanbase.

💡The filter-effect creators are the glue that keeps many of the creators on the platform but they have traditionally been cut out of the monetisation.

💡For example, the bold glamour filter was used in more than 8.6 million videos in a matter of weeks. But with a measly $6 million in the creator effects fund, it's unclear whether it'll give the effects creators bang for their buck.

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