Video-sharing platforms TikTok and Instagram, are testing the idea of allowing their creators charge their subscriptions for their content.
While TikTok declined to comment further on the on the subscription feature, BizWatch Nigeria understands that the feature is part of a limited test for the time being and is not broadly available.
“We’re always thinking about new ways to bring value to our community and enrich the TikTok experience,” a TikTok spokesperson stated.
TikTok’s confirmation of introducing a subscription feature for its users to favour content creators comes barely a day after Instagram launched subscriptions in the United States.
While the Instagram subscription feature is now in early testing with a small group of creators who are able to offer their followers paid access to exclusive Instagram Live videos and Stories, creators are allowed to select their own price point for access to their exclusive content.
Paid subscribers will be marked with a special badge, differentiating them from unpaid users in the sea of comments.
Sharing their sentiments on this new development, analysts are of the opinion that by trailing such new subscription service model, TikTok and Instagram are trying to position themselves as the marketplace of choice for video content creators.
They (the analysts) argued that by introducing a subscription feature on their platforms, Instagram and TikTok are evolving from providing creators with a platform and an audience to showcase their work to offering a way for them to monetise through subscriptions.
“Subscriptions are a robust and stable business model which will enable content creators to start more intimate, long-term relationships with their audiences. If you want to work in the commercial arts today, your imagination should be wild and free, but your finances should be nice and boring. By exploring a paid subscription model TikTok is taking a step in the right direction towards making this a reality,” said John Phillips, general manager at subscription order-to-revenue operations platform Zuora.
“We are living in the golden age of content creation. There is so much more music to explore, so many new movies and shows to watch, so many new voices to discover. Whereas previously producing and distributing videos was confined to a handful of creators with expensive equipment, now with smart phones everyone is their own producer. Power has become decentralised.”
