Bounty, an online service that helps TikTok creators monetize brand reviews and recommendations, announced today it closed on a $4.7 million seed round led by early-stage consumer tech VC firm M13.
The new service, currently in beta, is designed for everyday TikTok users — not just professional creators — who want to earn money by reviewing brands’ products.
To sign up, customers enter their phone number on the Bounty website and are sent a list of instructions. Bounty users must first buy an eligible product from one of the partnered brands. After the order is processed and delivered, the customer will receive a special link via text to accept the “Bounty” so they can get paid when they post their video review to TikTok. The creator uploads content with the brand tagged and #bounty in the caption. Bounty will then detect the post and lets the customer know it’s being tracked. The videos also have to be appropriately tagged as “sponsored” per FTC guidelines. Bounty notes.
Reviewers are able to earn up to $10 per every 1,000 views their TikTok content receives and get to keep 100% of their earnings. They are paid for organic views generated in the first 48 hours. The price per view gradually goes down as views go up to ensure a fair return for the creator and the brand, the company explains. So the better the video performs within the first two days, the more the creator gets paid.
Anyone 18 years of age or older with a TikTok account can use Bounty.
The funding will be used to onboard brands from the company’s waitlist of 750+ brands. At present, Bounty works with 30 brands, including Jones Road Beauty, BlendJet, Olipop and Doe Lashes.
During beta tests, Bounty worked with around 14,000 creators. The company reports its top creators made around $3,000 per month but didn’t share specifics as to how many videos they posted or what an average user would earn.
However, Addie Neri, a TikTok user (@addingtoneri) with a modest following of 19,4000, told Fast Company that she was able to make upward of $560 with one Bounty video. As of May 2022, she’s earned over $3,000 in total from posting about Jones Road Beauty products with the help of Bounty.
Aside from earning money from views, the creator also gets paid when the brand reuses their video in other ways. Brands can view the content created through Bounty’s website and can then license it to run as a TikTok Spark Ad — an ad format that lets advertisers place ad spend on user-generated content to boost it to more viewers. They can also use the video …….