TikTok has exploded in popularity over the past few years, becoming one of the top social media platforms worldwide. With over 1 billion monthly active users and counting, it’s clear that TikTok provides significant opportunities to build an audience and make money.

But how to make money on TikTok in 2024? There are many proven tactics creators of all sizes can leverage.

This comprehensive guide covers all the top ways to TikTok Creator Fund this year, from TikTok’s monetization programs to working with brands and building your own TikTok business.

Join TikTok’s Monetization Programs

TikTok offers creators two potential monetization programs: the TikTok Creator Fund (being phased out in certain regions) and the new TikTok Creativity Program Beta. Both pay you directly for posting engaging videos but have some key differences.

TikTok Creator Fund vs Creativity Program

The Creator Fund pays creators based on views and engagement on videos. To join, you need:

• 10,000+ followers
• 100,000+ video views in the past 30 days
• At least 18 years old

The Creativity Program Beta replaces it in the US, UK, France and Germany. This aims to pay creators up to 10-20X more than the Creator Fund by incentivising videos over 1 minute long. Requirements are:

• 10,000+ followers
• 100,000+ video views in the past 30 days
• 3+ public videos in the past 30 days
• At least 18 years old

Both programs pay based on views, engagement, and content authenticity. Payout timing works the same for both.

Eligibility Requirements

To unlock TikTok’s built-in monetization features, you need:

• 1,000+ followers to go live
• 100,000 followers to receive video gifts
• 10,000+ followers and 100,000 video views for tipping

TikTok’s requirements ensure your account has built enough of an audience to find monetary success.

How Payouts Are Calculated

TikTok uses a proprietary formula to calculate Creator Fund and Creativity Program Beta payouts. This considers factors like:

• Number of video views – more views = higher payout
• Engagement – likes, shares, and comments boost payout
• Content authenticity – real engagement earns more

In general, longer videos and stellar engagement drive the highest earnings.

Leverage TikTok’s Built-In Features

Aside from its Creator Funds, TikTok offers features like advertising, tipping and virtual gifts that enable users to make money.

Sell Products Through TikTok Shopping

TikTok Shopping lets businesses seamlessly sell products directly within the TikTok app itself, via a virtual storefront.

To access TikTok Shopping, you need:

• A TikTok business account
• A product catalog connected (like Shopify)
• Eligibility for shopping features (varies by region)

TikTok shopping removes friction from the buyer journey – users can discover, learn about and purchase products without leaving TikTok. You can also check TikTok official to verify all these.

Drive Sales with TikTok Ads

TikTok’s advertising platform helps businesses boost traffic to websites/stores or gain followers. Top ad formats include:

• In-feed video ads
• Hashtag challenges
• Brand takeovers

Ads help you get content from targeted niche audiences beyond your current following. They can drive strong ROI when optimized for conversions.

Collect Tips and Virtual Gifts

Diehard TikTok fans can send monetary tips or virtual gifts to their favourite creators. Gifts are converted into “diamonds”, with enough diamonds able to be cashed out.

Tips/gifts provide revenue even without a huge audience or selling products. Fans just send money as a “thanks” for great content.

Offer Exclusive Paid Content

With TikTok’s new Series feature, creators can offer exclusive video content fans pay to access via monthly subscriptions. Paid content is an easy way to monetize without promoting products/services.

Exclusive content like behind-the-scenes footage gives fans an insider look for a fee. This compels subscribership.

How to Make Money on TikTok by Working With Brands and Influencers

Making money via brand sponsorships provides a flexible opportunity without needing millions of followers.

Publish Sponsored Posts

Also known as branded content campaigns, sponsored posts mean collaborating with a brand to promote their product/service through custom video creative. Brands pay video creators directly to develop co-branded content.

The key is working with brands you genuinely love and recommend. This helps content seem authentic versus just spammy ads.

Promote Affiliate Links

Affiliate marketing lets creators earn commission by promoting other companies’ products.

For example, if you post a TikTok reviewing your favourite pair of shoes, include an affiliate link to buy the shoes from Zappos. If viewers click and purchase through your link, you earn a % of that sale from Zappos.

It’s an easy way to monetize without inventory/shipping responsibilities.

Become a Brand Ambassador

As a more long-term partnership option, brands will hire influencers as ambassadors. This involves an ongoing business relationship centred around promoting the brand across your social channels.

Ambassadors often receive special perks like free products, VIP access, increased affiliate commission rates and more.

Collaborate with Fellow Creators

Amplify your monetization efforts by cross-promoting with other creators.

Shoutouts from larger creators expose your account to whole new audiences. You can share the wealth through affiliate commissions if you share links.

Collab flavours are endless – you could co-create a new dance trend together or try a popular TikTok food recipe.

Build Your Own TikTok Business

If going all-in on TikTok, build your channel like a business – selling your own products/services, raising money or charging for access.

Sell Your Merchandise and Products

Design merchandise like t-shirts and stickers branded with your TikTok handle, inside jokes from your videos or popular audio clips/memes.

Promote the merch in your content and set up an integrated online store (like with Shopify and TikTok Shopping) to easily sell items right within the TikTok app.

Consult and Offer Services

Build authority in your niche by sharing your specialized knowledge, then consult directly with fans. Tutorial creator Talia Raquel launched a paid nutrition course. Bartender Colin Shoemaker offers private virtual mixology lessons.

Whatever your expertise- finance, software, design, health/wellness – sell your know-how as a service.

Raise Funds Through Crowdfunding

Crowdfund creative projects through Kickstarter campaigns promoted on TikTok. Share your vision to rally monetary support from your audience.

The key is offering compelling rewards for different funding tiers – like behind-the-scenes content or merch. This incentivizes followers to contribute.

Host Paid Live Events and Workshops

Monetize live streams via virtual ticket sales or paid RSVPs to exclusive workshops and meetups.

As TikTok LIVE gifts show, fans are eager to fund creators directly. Paid events give supporters exclusive access in return.

Sell Shoutouts and Personalized Content

Super fans will pay big dollars for a birthday shoutout or customized content from their favourite creators. Prices vary based on factors like followers/engagement rates.

Unique opportunities like song dedications, duet videos or watching a new video together go for premium rates.

Conclusion

TikTok opens many doors for making money by creatively engaging audiences. Core opportunities include TikTok’s Creator Funds, integrated shopping/ads and leveraging fan funding options.

Working with brands – either as a solo creator or business owner – provides sponsorship, ambassador and affiliate openings too.

And ultimately, the platform empowers building niche businesses and personalities with highly targeted, engaged followings.

Now the real work starts – it’s time to start creating! Consistency, high-quality content and a passion for connecting create lasting monetization power on TikTok.