Mubasher: TikTok, a social media app enabling users to create short videos with some special effects, is planning to give its creators over $2 billion in the next three years, CNBC reported.
In a recent blog, the social media application has encouraged users in the US to post their innovative content on the platform for more than $1 billion in the coming three years.
The app has first set the US fund at $200 million, but the encouraging response to the TikTok Creator Fund has made the platform raise the amount to over $1 billion.
In addition, TikTok has offered European creators $70 million over the next year and $300 million in the coming three years.
The general manager of TikTok US, Vanessa Pappas, said: "To further support our creators, we’re launching the TikTok Creator Fund to encourage those who dream of using their voices and creativity to spark inspirational careers."
TikTok, owned by China’s ByteDance has achieved great success in the recent period with more than 2 million downloads in less than four years, which has helped the company to compete with the major US technology companies, especially Facebook and YouTube.
However, the application has raised some concerns among countries about its security risks and the possibility of allowing the Chinese government to use its users' data.
To tackle this problem, TikTok has hired a US chief executive, Kevin Mayer who was Disney’s former head of the streaming and is studying selling a stake to US investors.
It is noteworthy to mention that TikTok has been valued at around $50 billion by some investors planning to control the social media app, which is much higher than peers including Snap Inc.