YouTube announced that they have a $100 million fund that will pay their most popular creators on their Shorts product to compete with TikTok, CNBC reports.
YouTube said in a blog post that “the Shorts Fund is just the first step in our journey to build a long-term monetization model for Shorts on YouTube.” The company added the fund will be launched in the forthcoming months.
Per the news outlet, the fund comes as Google-owned YouTube tries to grow its user and creator base for its short-form video product, which is the company’s retaliation to social media competitors like TikTok, Snapchat and Instagram Reels. YouTube is the latest to use a designated creator fund to try and woo influencers on its mobile platform.
YouTube launched Shorts to all U.S. users earlier this month, after launching in beta at the beginning of the year. The company said it will distribute the $100 million creator fund beginning in the coming months and through 2022.
Anyone is eligible to participate in the fund by creating “unique” Shorts that “delight the YouTube community,” according to the blog post. YouTube said it’ll reach out to thousands of creators every month who have received the most engagement and views, asking those selected creators to share feedback on the platform.
A company spokesperson declined to share details about how much creators can earn or the metrics that will determine who gets paid. They also said that the company would release more information in the coming months. YouTube said eligible creators don’t have to be a part of its already existent Partner Program that lets creator monetize their YouTube videos.