Publish Date: 02 Aug 2022 Finance101
What is TikTok? How can you make money on it? What is TikTok’s currency and how can you withdraw it in the first place? Does TikTok take a percentage or a commission? Let’s find out
Download TikTok here
The currency used by TikTok is a virtual currency through which a follower can show their appreciation to those they follow (the influencers).
This virtual currency is linked to a real bank account where it is transformed into real currency that can be withdrawn
Live streaming: followers give donations to their favorite influencers during the live stream. You do need a huge number of followers though for this to work on a regular basis.
Attract followers: the more followers you have the better chance you have to make money. You will need interesting and exciting video material to attract more followers.
Product marketing: you can make money by marketing different products and services. Sometimes videos can be sponsored by specific brands as well. You can do this by directly marketing the product, for example talk about its benefit or its good points or indirectly by either showcasing it in the video or just adding the link to your video.
Rewards: currently not available in all countries the TikTok reward system allows you to make money when you share the TikTok app link with someone else who doesn’t already have it on their device. You can also get rewards by watching video segments and the longer the videos are the more rewards you get.
Content: the more popular the content the more views you’ll get and your profit will increase. More on this here
Length: shorter videos get more views in most cases. People have shorter attention spans these days and not a lot of time to dedicate to each video they watch.
Likes: the more likes or hearts you get the more money you will have. It will also attract brands to your channel so you can market their products.
Also read: Make money on TikTok in 4 steps
How to: open a bank account?
Your PayPal account and your TikTok account must have the same first and last names as having a different name may cause delays in withdrawing money.
Link your bank account to tTikTok:
To answer this question you will need the following information