With the latest upgrade to its Creator Marketplace, TikTok is making it simpler for brands to collaborate with its "megastar" creators. Talent managers will now be able to monitor, implement, and assess marketing possibilities and campaigns given to their clients. The video-sharing site has released a new Talent Manager Portal as part of its TikTok Creator Marketplace. This platform connects brands and agencies with over 800,000 certified artists all around the globe.
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What Does The New Service Entail?
The new service grants talent managers access to the Creator Marketplace with the permission of their creators, allowing them to manage deal flow, negotiate contracts on their talent's behalf, handle creative feedback, and review various reports and metrics regarding the performance of a campaign. In light of this development, TikTok can now meet the demands of "celebrity-level" artists and those with tens of thousands or hundreds of thousands of followers.
In 2020, for instance, as their online reputation expanded into other mediums, including podcasts, books, TV, licensing, tours, and sponsorships, TikTok stars like the D'Amelio sisters signed with the agency UTA. It seems reasonable that they would have their UTA agents check out the brand requests and negotiate agreements on their behalf via the portal.
Talent Manager Portal is now under alpha testing, as verified by TikTok. Several organizations have signed up for the free service, but the company cannot disclose which ones.
Moreover, TikTok emphasizes that the talent managers' access to their clients' TikTok accounts would be limited to the Marketplace accounts only.
The software is meant to supplement the current offers in the Creator Marketplace for businesses that want to take advantage of the performance of creator-led advertising, which, according to a poll conducted by TikTok, results in a greater ad recall for 71% of brands.
The Role of TikTok Creator Marketplace
TikTok Creator Marketplace, which debuted this year, is integral to the expanding creator monetization ecosystem. It joins Facebook, Instagram, Snap, and YouTube as platforms that let artists build connections in the influencer marketing arena. The Creator Marketplace is not just a location to go; it also offers an API that marketing firms like Captiv8 and Influential may use to access the Creator Marketplace's first-party data.
Brands wishing to collaborate with top artists used to have to put in more legwork, scouring the app or using search phrases to find creators, and they couldn't narrow their searches based on certain criteria. TikTok's Creator Marketplace provides access to a wider range of resources, letting marketers choose producers based on criteria such as keywords, content kind, and audience demographics.
Both direct invitations and application campaigns are viable options for brands looking to collaborate with artists. In the latter, the brand will develop a brief, and the creators will submit their proposals in response. Artificial intelligence and natural language processing are used by the marketplace's match tool to match content providers to the brief based on the material they are uploading.
Former COO at Influential and now worldwide head of operations for TikTok's Creator Marketing Solutions, Adrienne Lahens, is in charge of the Creator Marketplace team. Lahens has been in her capacity for close to a year and a half, and her main responsibility is facilitating corporate partnerships and sponsored content for TikTok producers so that they may monetize their work.
According to TikTok, there is a 26% increase in brand favorability and a 22% increase in brand referrals when businesses collaborate with artists. Seventy-one percent of TikTok users also think that a creator's genuineness now encourages them to buy from a company.
TikTok Faces Stiff Competition
In the face of stiff competition from the likes of Meta, Snap, and YouTube — the former of which just officially confirmed it will start sharing advertising money with its Shorts (short-form video) makers as of February 1 — TikTok must find a way to make money off of its creators if it wants to keep its best and brightest on its app. (Despite TikTok's announcement of its revenue-sharing scheme last year, it has not yet reached critical mass.)
Some of the most popular producers on TikTok make tens of thousands, and even hundreds of thousands of dollars, via the platform's Creator Marketplace thanks to marketing campaigns. On the other hand, other campaigns may be more modest in scope and give simply a tiny incentive, such as a gift.
TikTok needs to be more specific about how long the alpha testing phase of its Talent Manager Portal will go.
Featured image: Tiktok
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