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If you have been thinking about how to make money on TikTok live? This guide will outline three methods used by a Popular TikToker.
Now, I agree TikTok is not a better place for monetization compared to YouTube. But people can still make money if they follow the right strategy.
Even though you won’t become rich overnight or won’t churn in a lot of cash, it is still better than earning nothing. So, before I discuss what those methods are? Let us know about the person behind it.
Who is Behind The Methods to Make Money on TikTok Live?
Now, I don’t want to take credit for the method I am about to teach here. I know I could have explained everything trying to be an expert, but I don’t like to work that way.
I love crediting people who deserve it, and simultaneously I like to educate my audience as well. That’s the reason I am crediting Joseph here.
JJoseph Henry a. k. a DoseofJoseph is a social media influencer who has grown his TikTok account to over 930k followers.
Though he sold it later, recently, he started another account with over 8k followers as of now. He is pretty good at TikTok marketing, which helped him to make a pretty penny.
The method you will read here are the exact strategies Joseph uses to earn money from TikTok Livestream.
If you want to connect with him, I will link his TikTok username here – @doseofjoseph
What Are The Requirement To Make Money on TikTok Live?
There are two requirements where the first one is a necessity while the second one is advice. I know you might be thinking, what does it actually mean?
So, to clear the air, let’s directly look at the requirements.
You should have at least 1,000 followers to enable the live feature. Now, the live option isn’t available for new accounts or people having less than 1,000 followers. If you haven’t touched that feat, first concentrate on increasing your follower count before trying these methods. As a tip, I recommend you to follow the followers of any popular account to get a follow back instantly.
Only 1,000 followers won’t get you anywhere if you are expecting to make bucks. Surely, you will be able to come to live, but there is a pretty low chance of making any decent cash. That’s the reason ensure you have at least 5k-6k followers before you decide to try the methods.
If you can fulfill these two basic requirements, you are ready to generate some cash while going live on TikTok.
How to Make Money on TikTok Live?
Before I discuss the methods, especially the first two, you should understand how the coin system works on TikTok.
People buy coins in a bundle from 100 to 10,000, which they can use to buy & send virtual gifts to the live streamer.
Here is a list of gifts they can buy with coins :
- TikTok – 1 coin
- Panda – 5 coins
- Italian Hand – 5 coins
- Love Bang – 25 coins
- Sun Cream – 50 coins
- Rainbow Puke – 100 coins
- Concert – 500 coins
- I’m Very Rich – 1000 coins
- Drama Queen – 5000 coins
Once you receive these gifts, you can convert them into diamonds. All diamonds are worth 50% of the value of coins.
For example, if you got the “I’m Very Rich” emoji (1,000 coins worth), you can convert it into 500 diamonds. Each diamond is worth $0.5, so it converts to $25.
Unfortunately, TikTok retains 50% of what you earn, which means you can only keep $12.5.
I know the entire system is weird where you can rake only a few percentages. Despite that, it is better than having nothing.
I hope you clearly understood the whole coin system concept & if you do, let’s look at Joseph’s method.
1. Incentive Game Method
Going live and asking for donations from your audience sounds cheesy and appears more like begging.
Imagine yourself in a live stream where you are asking your followers to donate coins, and all you saw was unfollows. It hurts pretty bad, isn’t so?
That’s the reason you should do things differently with the same goal in mind. The way Joseph pulls out the same thing brilliantly is by offering incentives to his followers for coins.
The incentives can be a shoutout where he calls their name, a live duet on his profile, tagging them, or giving them advice on how to grow their account.
The last incentive works really well if you have a pretty good following else no one will take your advice seriously.
When you apply this strategy, your audience will definitely be interested in the incentives you offer. If they do, they will gladly send you gifts for getting shoutouts, advice, live duet, which you can then convert into cash.
Now, it can get boring reminding your audience about the incentive table frequently. So, what you can do is stick a paper on the wall next to you with all the incentive details.
Better use the green screen filter on TikTok where you place the details as the photo & get green-screened into it.
With this method, you are giving a reason for your audience to spend their coins on you. Also, it is a win-win situation where you receive the money while they get incentives.
2. Guessing Game Method
This method is kind of similar to the previous one, but here you won’t ask for any gifts.
Joseph calls it a guessing game where you think of a number between 1 to 50, and your followers will guess the number. If one of them guesses the right answer, you will give them a shoutout and even ask your followers to follow them.
People love such games because it gives them the chance to get free shout outs that will directly skyrocket the viewers count.
When they see you are promoting them for free, a bunch of your followers will definitely send you gifts to thank you for your kind efforts.
This strategy works pretty well because it makes you appear as a person who wants to support his followers. In the meantime, you will also gain new followers.
If the number game sounds boring? You can also replace it with emojis where you think of an emoji, and they guess it.
3. Merchandise Method
This method is commonly used by many TikTokers, where they promote their merchandise live. If you have a merchandise store where you sell T-shirts, caps, cups, etc, you can promote them while going live.
But before you promote ensure to add a link to your store in your bio. If you couldn’t find the option to add a website, share the store link either by saying or writing on a paper.
During the promotion, you can either show your products directly or talk about the web store with your audience. It encourages them to check out, and if they like your work, you will surely see some sales.
Though there is less probability of making money from this method, it is still worth a try. Moreover, if you have thousands of followers, you can expect better results.
How To Withdraw Money Once You Earn From TikTok Live?
For transferring money from TikTok, your account should at least have a $100 balance.
Once you have collected the required amount with gifts, you can transfer the money by connecting your PayPal account with TikTok.
Though they say it takes up to 15 days to receive money in your account, it usually reaches within 1-2 days.
So, this is how you can make money on TikTok Live.
Your earning will depend on how many followers are under your belt. The more people watch your live stream, the better chances you have to make more money.
For that reason, I will recommend you to post quality content on your account so you can attract more and more followers.
If you like the methods, ensure to tell me which one are you going to try first. Also, make sure to check out Joseph’s website for more tips.
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