TikTok's $1 billion creators' fund will be closed on December 16 and replaced with a new incentive scheme.

Thanks to CTOnews.com netizens and soft media users for 1520111 clue delivery! CTOnews.com, November 7, according to The Verge, TikTok has informed users of the platform today that it will close its original creator fund on December 16, 2023.

The fund is a $1 billion creation award paid to creators in the US, UK, France and Germany who post content on the platform.

Maria Jung, a spokesman for TikTok, said creators in the US, UK, Germany and France would no longer be able to monetize their content through the fund. TikTok users in Italy and Spain will not be affected by this change.

According to CTOnews.com, the creators' fund was first launched in 2020, and TikTok promised to pay $1 billion to short video creators within three years.

Content creators have noticed that the fund's low returns-sometimes only a few dollars for millions of views-make it impossible for them to make a living from the creators' fund alone, the report said. TikTok did not respond to the question of whether the $1 billion had been spent.

In February this year, TikTok launched a new creative award program: the Creativity Program. Unlike the original fund, the plan requires creators to produce videos that are more than a minute long. TikTok said revenue would be based on pageviews and other participation indicators, rather than pools of funds for public payments. Since the launch of the new program, TikTok has been inviting qualified creators to join the program.

Maria Jung, a spokesman for TikTok, said the creators could earn 20 times as much as they earned under the original fund. Creators from the United States, Britain, Germany and France can also be transferred to the new incentive scheme.