Bounty raises $4.7M to help TikTokers make money from reviews

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RewardThe online service that helps TikTok creators monetize brand reviews and recommendations today announced the closing of a $4.7 million seed round led by early-stage consumer technology venture firm M13.

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The new service, which is currently in beta, is designed for regular TikTok users, not just professional content creators who want to make money by reviewing brands’ products.

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To register, customers enter their phone number on Bounty site and a list of instructions is sent. Bounty users must first purchase a qualifying product from one of the partner brands. Once the order has been processed and delivered, the customer will receive a special link in a text message to accept the Bounty so they can get paid when they post their video review on TikTok. The creator uploads content with brand tagging and #bounty in the caption. Bounty will then detect the message and notify the client that it is being tracked. The video must also be appropriately labeled as “sponsored” in accordance with FTC guidelines. Awards notes.

Reviewers can earn up to $10 for every 1,000 views of their content on TikTok and receive 100% of their earnings. They get paid for organic views generated in the first 48 hours. The company explains that the cost per view is gradually reduced as the number of views grows to ensure a fair profit for the creator and the brand. Thus, the better the video performs during the first two days, the more the creator pays.

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Anyone aged 18 or over with a TikTok account can use Bounty.

The funding will be used to register brands on the company’s waiting list of over 750 brands. Bounty currently works with 30 brands including Jones Road Beauty, BlendJet, Olipop and Doe Lashes.

During beta testing, Bounty worked with approximately 14,000 creators. The company says its top creators made about $3,000 a month, but didn’t share details about how many videos they posted or how much the average user would earn.

However, Addy Neri, a TikTok user (@addingtoneri) with a modest audience of 19.4 thousand people. fast company that she was able to earn over $560 from a single Bounty video. As of May 2022, she has earned over $3,000 in total from her posts about Jones Road Beauty products with Bounty.

In addition to making money from views, the creator also earns money when the brand reuses their video in other ways. Brands can view content created on the Bounty website and then license it to run as TikTok Spark Ads An ad format that allows advertisers to place ad spend on user-generated content in order to reach more viewers. They may also use the video in their other paid marketing efforts.

This is possible because the creators license their content to Bounty as part of their agreement, allowing Bounty to sublicense the content to the brand on their behalf. The creator also retains the license to the content.

Brands pay Bounty a monthly fee that depends on the use of the platform, but starts at $99 per month.

Investors from Sugar Capital, Interlace Ventures, and the founders and executives of Rothy’s, Fabletics and Stack Commerce, among others, participated in the new round, bringing the total raised to $6.7 million. The funding will also help fuel plans to hire Bounty’s engineering, design and marketing departments. Google, Sezzle and Dharma are the first to hire.

The Miami-based company was founded in 2021 by Abe Wolke. He hopes the product will democratize the influencer economy by “providing paying customers with the opportunity to be rewarded if their content is used by the brand and helps the brand grow,” he says.

The old way of doing this was to pay an agency to send free products to influencers in the hope of getting published. However, this is less effective because it looks like an advertisement. When a real client posts content, it looks more authentic. Of course, customers who get paid for positive product reviews are not necessarily more truthful than a writer who gets the product for free. and company tells the creators Negative reviews do not entitle you to payouts.

“Celebrities and big-name authors are not the focus of our attention,” explains Volke. “We are focused on unlocking the long tail of creative marketing by catering to micro and nano creators – regular clients and creators who don’t have an agent or large audience and who may otherwise be overlooked by their favorite brands. However, anyone who is a real customer can participate.”

The startup is capitalizing on the growing interest of brands in working with smaller creators. Like insider intelligence recently reported, “Nano” influencers (influencers with 1,000-5,000 followers) spending will rise 220.5% in 2022, while “mega” influencers (creators with over 1 million followers) spending will only grow 8.0 %. AT separate report, the company noted. TikTok’s ad revenue is expected to triple this year to $12 billion.

The Bounty beta launched in March of this year and claims “growth has been exponential,” according to head of development Aaron Decker. “A couple of weeks ago we had only 800 registrations per week. Before that, it was only 500 a week,” he said.

According to the company, 1,000 authors are now signed up every week.

The startup is poised to publicly launch its service to a wider audience in the coming weeks. Bounty will only work with TikTok users at the moment, but there are plans to expand it to Instagram Reels in the next 12 months. YouTube Shorts and other video platforms will be considered in the future.

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