Tiktok, formerly Musical.ly, is an app that’s taking the digital marketing and social media space by storm.
By the time I’m writing this article, TikTok is one of the most famous social media platforms in the game with more than 500 million monthly active users.
It’s safe to say that it became a direct rival to giants like Instagram and Facebook.
Tiktok has been very well received by the young population because it’s simple, fun and entertaining.
And those three aspects, my friends, equal to the perfect formula for a successful social media contender.
What does Tiktok consist of? Well, it’s pretty simple. It allows you to upload short (15 seconds max) lip-synced videos.
In general, you will find either musical or comedy videos on this platform, and that’s why it’s the perfect place for talented (or chronically bored) people who want to showcase their skills.
In Practical Money Land, we love teaching people how to make money online.
And, since Tiktok is becoming bigger and bigger, I couldn’t resist myself to write an article about how you can monetize your Tiktok audience.
Here, you will learn all the different strategies you can utilize today to earn some cash off Tiktok.
But before you get stuck into the meat of this article, I’ve just got one final point to make.
You need a solid following before you even think about monetizing your content.
It’s the most basic prerequisite to make money on any social media platform.
Therefore, if you haven’t built a decent-sized audience yet, it should be your main focus.
To learn more about growing an audience on a social media platform, check out this article.
Now, without further ado, let’s dive into it.
1- Sell your own merch
As a content creator, you have the possibility to sell your own products.
Whether they are physical (t-shirts, hoodies, mugs, etc.) or digital (e-books, online courses,…, selling your own products is one of the most profitable ways to generate income through Tiktok.
But, again, you will need a decent audience to make a considerable amount of money.
There are many companies that you can work with to create and sell personalized merch.
I personally recommend Printful for high-quality on-demand print and embroidery.
Donations are usually a big part of a content creator’s revenue.
For instance, it’s really common to see Twitch streamers or Youtubers asking for donations to their viewers to support their channel so they can continue to produce content.
Well, the Live.ly app lets you receive donations from your viewers by allowing you to live-stream directly to your TikTok audience.
If you don’t want to spend too much time setting things up to make some money then Live.ly is the best option.
You just need to turn on your Live.ly app and start streaming.
Besides, if people really love you and your content, they won’t hesitate to make some donations and help you out.
Sponsorships deals are arguably the most common monetization strategy among influencers and other type of content creators.
However, you will need to have some influence (aka a considerable amount of followers) on the platform if you want to start being contacted by brands.
In general terms, the bigger your audience, the more companies will want to work with you and the more you will get paid.
I big tip I can give you is to work with companies that you genuinely trust in.
Nothing can be more damaging to your image as a content creator that promoting stuff that you don’t really use and that happens to be garbage.
4- Linking to other monetizable platforms
If you’re familiar with Vine, you should realize by now the importance of transferring your current audience to other platforms such as Youtube or Instagram.
There’s a saying that goes, “Don’t put all your eggs in one basket”.
That’s because anything can happen.
Tiktok’s trend can die overnight which means that, if you just have an audience on this platform, it will die too.
Make sure you diversify your social media platforms and try to spread your followers across all of them.
On the same token, if you direct your audience to other easily monetizable platforms such as Youtube, you can make much more money and increase your TikTok’s exposure at the same time.
A multi-platform strategy is always the way to go!
5- Ad revenue (Soon)
Earning money through ad revenue is pretty common among Youtubers and Twitch streamers.
It’s a pretty straight-forward and easy to implement monetization method.
You just get a piece of the ads that show on your content periodically.
The amount of money you earn from ad revenue depends on two main factors: CPM (cost per mille impressions) and total views.
MONEY EARNED = CPM x total views
The CPM will vary depending on what niche you’re in as well as the type of content you provide.
If you want a Youtube ad revenue simulator, check out this one.
Currently, Tiktok doesn’t support ads on its platform yet.
However, they’re working on it.
It means that Tiktokers will have the opportunity to make money through advertisement which, most of the time, represents a big chunk of an online content creator’s monthly revenue.
Tiktok is a very promising social media platform and, if you’re looking for a profitable way to make money online, it’s certainly a very good platform to do so.
However, just like we discussed earlier, it’s really important that you focus on building a following before everything else.
Once you have a loyal audience, there are many methods to make money you can consider, you just have to find the one(s) that better suit you and your content.
If you have other monetization models for Tiktok that we didn’t mention, please share them in the comment section below!