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5 Creator Fund Ideas To Pay Influencers
Platforms are enticing influencers with alluring creator funds and financing options to fuel their growth and exposure.
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- Creator Fund Ideas 💸
- The Evolution of Influencing 📷
- The Digital Creator Economy
- N0.1: TikTok Creator Fund 📱
- Applying To The TikTok Creator Fund
- N0.2: YouTube Shorts Fund 🎥
- Applying To The YouTube Shorts Fund
- N0.3: Snapchat Spotlight Challenge 👻
- Applying To The Snapchat Spotlight Challenge
- N0.4: Facebook & Instagram Creator Program 💻
- Applying To The Facebook and Instagram’s Billion Dollar Creator Program
- N0.5: Pinterest Creator Rewards 📌
- Applying To The Pinterest Creator Rewards
Written by Madeleine
Creator Fund Ideas 💸
Social media giants such as; Instagram, Snapchat and TikTok have not only changed how we connect and interact with others across the globe, but have paved the way for online content creators to showcase their creativity and build a business online.
In 2021, a career as a digital creator is highly desired and according to a survey published in 2019 by morningconsult.com, it was reported that 54% of young Americans would become an influencer if the opportunity were to arise.
The Evolution of Influencing 📷
Since the start of 2020, the pandemic has shaken up how we live our everyday lives, but the one constant that we’ve all been able to maintain is connecting and interacting with others across social media.
Likely, there are now more active digital creator channels and accounts than ever before, as the pandemic nudged us all into new digitally-relying habits and lifestyle choices.
It’s no joke that many digital creators have the potential to generate a sizable income from their talents and with many curious individuals finding themselves with extra time on their hands, the digital content creating industry has welcomed a new crowd of eager creators, not to mention those who were already influencing before the start of the pandemic.
Perhaps most importantly, online influencing has now been legitimised as a career, which means that creators can now earn money for their efforts by sharing style tips on TikTok, or showcasing travel content across the likes of Instagram or beauty tutorials on YouTube. So, essentially, it's easier for such individuals to make an additional income from their content.
However, it’s not as easy as pressing record, as influencers who have grown and maintained their audience over a prolonged period will be well accustomed to dedicating their schedule and energy to developing consistent and compelling content that their audience will love and that’s only one element of becoming a digital creator in the industry.
Online platforms such as Facebook and Pinterest previously relied upon social media influencers to develop their content for free so, unfortunately, digital creators were largely uncompensated for their creativity and didn’t share the upside captured by companies.
However, creators eventually began to strike out on their own, partnering with brands to make money for their time, effort and dedication - as they should.
In recent times, much has changed in the world, but one thing remains the same for influencers and that is that brand deals are the primary method for online creators to earn money in 2021.
The Digital Creator Economy
Having said that, the rise of the creator economy is changing everything, from Snapchat to Spotify, platforms are enticing influencers with alluring creator funds and financing options to fuel their growth and exposure.
So, now platforms are waking up to the idea that with digital creator content comes engagement and customer loyalty and businesses are eager to fund upcoming and established creators in exchange for valuable content.
Brands that work with influencers incentivise individuals to create content on their platforms of influence to keep viewers and customers coming back for more and essentially, creator funds are a way of cutting influencers a slice of the profit pie and acknowledging the symbiotic relationship between the two forces because platforms now need creators just as much as creators need platforms to thrive and survive.
So, no matter whether you’re a budding digital creator, an established influencer or a business owner who’s just looking to read up on who's offering what, we’re here to help you to navigate the creator fund landscape.
So, let’s dive into the cash options that are available to content creators and how influencers can gain access to these funds to further support their content creation journey:
N0.1: TikTok Creator Fund 📱
The TikTok Creator Fund plans to help creators earn money from their creative efforts. In July 2021, TikTok shared an update that the social media platform is planning on growing the fund to over $1 billion in the United States over the next three years.
So, essentially the TikTok creators who are eligible to join the Creator Fund will be able to generate money from each of the videos that are uploaded onto the platform.
Naturally, a digital content creator’s eligibility to earn an income from their videos through the fund is based upon a variety of factors, such as:
Receiving at least 100,000 authentic video views in the last 30 days.
Being at least 18 years of age, meeting a baseline of followers and consistently posting original content that remains in line with TikTok’s community guidelines.
Being a legal resident of one of the 50 states, District of Columbia, or the territories and possessions of the United States.
Note:The TikTok Creator Fund is also open to creators that reside within; the UK, Germany, Italy, France and Spain.
Applying To The TikTok Creator Fund
Once inside the mobile app, open up your account settings and click “Creator tools.” Then select “TikTok Creator Fund.”
N0.2: YouTube Shorts Fund 🎥
As one of the earliest digital creator platforms, it could be said that YouTube has launched the careers of online celebrities such as PewDiePie and Zoella by paving the path for early creator monetisation through AdSense.
Since its earlier days, YouTube has gone on to add features such as tipping and channel memberships to help creators earn cash for their content, but now YouTube is courting short-form video creators with its newly minted YouTube Shorts Fund.
The YouTube Shorts Fund was announced earlier this year on May 11th by the social media giant themselves and it was said that the $100 million fund is specifically geared towards the creators who opt to generate content on YouTube Shorts.
For those of you who aren’t aware, YouTube Shorts are a TikTok competitor billed as the “shorter side of YouTube” and the creators who successfully join the YouTube Shorts Fund are paid bonuses from $100 to $10,000 each month, depending on their content's performance.
Eligibility to apply for the YouTube Shorts Fund varies from month to month and performance-based pay is determined by factors like views and audience location, however, we understand that content creators must:
Meet YouTube’s Shorts performance criteria in the preceding month.
Be at least 13 years of age or the age of majority in their country.
Be a resident in one of the eligible countries.
Upload an original YouTube Short in the last 180 days.
Create and upload original content.
Applying To The YouTube Shorts Fund
At this time, digital creators cannot currently apply to be considered for the YouTube Shorts Fund, as the platform reaches out to thousands of influencers each month who are developing YouTube Shorts whilst meeting performance criteria.
N0.3: Snapchat Spotlight Challenge 👻
Back in November 2020, Snapchat launched Spotlight, an in-app TikTok competitor.
Snapchat Spotlight was created to incentivise creators to develop viral short-form content and it successfully created a daily pool of a million dollars to award content through the end of 2020.
In January 2021, it was reported that one of Snapchat’s top video creators, Cam Casey, had earned $3 million from viral content created for Spotlight.
As of October 2021, we’ve heard that Snapchat’s Spotlight Challenge has continued to award creators millions of dollars per month and Snapchatters can also win cash for creating Spotlight Snaps while using specific; Lenses, Sounds and #Topics.
Note:Each Spotlight Challenge has a total prize fund ranging from $1,000 to $25,000, which is shared between multiple creators. The minimum prize a Spotlight Challenge winner can receive is $250.
Eligibility for the Snapchat Spotlight Challenge requires a digital creator to:
Be at least 16 years of age
Have a public profile or a private account
Reside in a supported market
Create Snaps that adhere to community guidelines
Create snaps that adhere to Spotlight guidelines
Create Snaps that adhere to terms of service
Create Snaps that adhere to Spotlight terms
Applying To The Snapchat Spotlight Challenge
Creators on the application can enter the Snapchat Spotlight Challenge by submitting their Spotlight Snaps to open Challenges for a chance to win a prize.
Challenges can be found on the Trending page and each one has specific challenge details such as the prizes available alongside the deadline for submission.
N0.4: Facebook & Instagram Creator Program 💻
It is thought that around 72% of creators prefer Instagram to all other social media channels on the web and identify the app as their primary content platform.
As another platform under the now “Meta” umbrella, Facebook recently announced that the platform is investing $1 billion in funding to reward creators for using the creative and monetisation tools via Facebook and Instagram.
From what we’ve heard, Facebook funding will support a range of creators including artists and style experts.
Whatsmore is that digital creators will be able to earn cash through a range of seasonal bonuses. Additionally, Facebook is planning to roll out more bonuses before the end of 2021 is upon us.
To become eligible for the Facebook and Instagram Billion Dollar Creator Program, content creators in all bonus programs must comply with the two platforms’ Partner Monetisation Policies.
In short, the benefits of applying to the creator fund are as follows:
On Facebook, video creators can currently earn an in-stream bonus while select gaming creators can earn the stars bonus.
On Instagram, creators using IGTV ads can currently earn an IGTV ads bonus, creators using Live can earn the badges in Live bonus, while creators using Reels can earn the Reels Summer bonus.
Note:Country eligibility has not yet been specified for Facebook bonuses. However, the IGTV ads bonus and Reels Summer bonus are available to creators in the US only, whereas the badges in the Live bonus are available to creators in 11 countries.
Applying To The Facebook and Instagram’s Billion Dollar Creator Program
Just like the deal with the YouTube Shorts Fund, content creators cannot apply directly for Facebook and Instagram’s Billion Dollar Creator Program. However, bonus programs are available to select creators by invitation.
N0.5: Pinterest Creator Rewards 📌
Content creators on Pinterest such as; travel photographers, recipe creators and fashionistas now have a new way to monetise their content on the inspiration-based platform.
It was disclosed earlier this year that the Pinterest Creator Fund is a $500,000 initiative providing upland coming Pinterest creators with the opportunity to participate in a four-week expert training program whilst receiving a financial grant of $25,000 in cash and ad credits.
The fund specifically focuses on underrepresented creators, including people of colour, people with disabilities and members of the LGBTQ+ community.
The Pinterest Creator Fund has had two cohorts and is currently closed for applications, but the platform is continuously finding new ways to reward creators.
However, it was revealed on October 20th, that Pinterest has another creator initiative up its sleeve known as “Creators Reward”.
The Creators Reward is a $20 million fund for in-app monetisation programs that have been designed for the creators who develop inspiring content on the platform.
Creator Rewards will also provide influencers on Pinterest with microgrants for passion projects.
Note:Eligibility criteria for the Pinterest Creator Rewards are yet to be announced.
Applying To The Pinterest Creator Rewards
Applications for Pinterest's Creator Rewards will begin in 2022 and will be available in the US via the Creator Hub.
So, that’s a wrap for today’s article and we hope that you have found our guide to some of the most prestigious creator fund programs useful.
If you’re currently utilising any of these funds and think you could share some tips for other digital content creators, reach out and let us know.
If you’re actively looking to work with a Shopify agency designer or developer to assist you with your business, we’d love to hear from you. Get in touch to get started!
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