"TikTok has grown to become a source of income and opportunity for creators and their families -- and we couldn't be more encouraged by their success."
Over the past two years, short-form video app TikTok has become a gold mine for talent: Popular creators like Charli D'Amelio and Addison Rae have turned their accounts into full-blown careers, signing with Hollywood's biggest agencies and raking in money from record labels to promote songs.
Now, TikTok is helping more creators make money on the platform with the introduction of its $200 million Creator Fund, which will "encourage those who dream of using their voices and creativity to spark inspirational careers," TikTok U.S. general manager Vanessa Pappas wrote in a company blog post announcement.
The fund opens to applications from U.S. creators in August. To be eligible, users must be 18 years or older (notably, this will exclude many popular creators; D'Amelio is 16), meet a "baseline for followers" and post content in line with the app's Community Guidelines. Grants will be distributed over the coming year, during which TikTok says the fund will continue to grow.