The battle for short form video monetization is reaching a boiling point online. In case you did not know, most of the short video platforms pay creators that meet certain requirements (often number of followers being key). TikTok was the first short form video format to offer pay to a wide array of users. Other platforms offer pay of some sort to their more popular creators as well – maybe as an attempt to lure creators away from TikTok.
TikTok introduces new revenue option
Series. This is a new option for content creators to collect their videos in favorites, naming it, then sharing with the public. Favoriting videos is something that has been around for a while now on TikTok. What is new, and this is where it gets interesting, is the fact that with the new name “Series” TikTok plans to introduce a payment option.
The interesting part is, they are going to allow content creators to charge for their “Series”. According to Social Media Today, the costs creators could ask of their fans could be between $1 and $190. This is interesting as it is a mix of Patreon with bookmarks of sorts.
This will allow creators that want to tell a story, or have a video cook book, or lesson plan, etc to collect those videos in one place and charge fans for access.
Limitations of the Series option
To me, it would be just as easy to create a private account, post videos there, and sell monthly access to that account. This is done on other platforms such as Facebook, Twitter, etc.
Someone doesn’t pay their monthly membership, simply remove them from your private account. Done. Easy, and you are not held by the SEVERE revenue cut that TikTok takes on ALL transactions (reportedly 30% or more).
As with most things, the catch is, getting people to pay for your content.
Right now, Series would allow creators to add up to 80 videos, each up to 20 minutes in length (the current video cap is 10 minutes for normal videos) according to Dexerto. Access to this paywall option is limited to select accounts starting March 2023.
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There is so much buzz around TikTok here lately. I am wondering if they are trying a last ditch effort to gain some money.
I think it is growing pains honestly. The company is facing litigation by the US government, the Chinese government, bans in many countries, creators leaving for other platforms that offer similar, if not better, formats and environments.
TikTok is obviously #1 for short form video but they are dangerously close to losing that position. The question is, which platform will take over? Best to be involved in as many other platforms as you can now so you are ahead of the competition when TikTok is dethroned.