TikTok is a social media platform growing rapidly in terms of user expenditure. Reports suggest that the platform is developing a new feature that will enable creators to charge a fee for viewers to access their videos.
This feature could be used by musicians as part of TikTok's creator community, and it highlights how social media is evolving in terms of monetizing creators.
A few things to note:
- TikTok users spent $914.4 million within the app during Q3 2022 on virtual coins and creator-level subscriptions.
- Reports suggest that TikTok is working on a feature that will enable creators to charge a fee for viewers to access their videos.
- This highlights how social media is evolving in terms of monetizing creators and suggests potential developments in the music streaming industry.
- In the music streaming industry, free, ad-supported tiers and subscription services are the norm, but efforts to monetize superfan spending are primarily limited to merch and tickets.
- As TikTok continues to develop paywalled posts and introduce new ways for fans to spend money on their favorite creators, a culture shift is occurring.
- There's a growing trend of musicians exploring new ways to monetize their work beyond traditional means, and it's only a matter of time before these concepts start to cross over to music streaming in a more significant way.
