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TikTok is shutting down its much-criticized Creator Fund.

The initiative -- rolled out in 2021 and valued at up to$2 billion -- enabled creators to get paid for the content they create on the site. But a replacement program is in the works -- and it promises the opportunity for much bigger incomes.

As the Creator Fund phases out, it's worth noting that most people probably won't be sad to see it go.

Also: New TikTok feature gives creators another way to make money

One major criticism of the program was that payments were static;  the rate a creator gets paid doesn't change even if videos become popular. By comparison, YouTube pays creators a portion of the ad revenue a video generates; therefore, the more money the video makes, the more the creator makes as well. In short, with compensation lagging behind other sites, TikTok creators didn't feel like they got a fair cut of profits.

For example, Mr. Beast, who runs the second most-subscribed YouTube channel, has been one of the major voices against the program, reporting that he only made around$30 a day on TikTok.

What's replacing the Creator Fund? TikTok is calling it "The Creativity Program," and it was developed "based on the learnings and feedback we've gained from the previous Creator Fund," a company spokesperson said. The new program, which is currently in beta, will offer earning potential up to 20 times greater than before, according to the company..

The Creator Fund will be available through December 16, 2023. All creators currently enrolled in the program will be eligible to sign up for the new one. New users will need to have a US account to enroll, with at least 10,000 followers and more than 100,000 views in the past 30 days.

Also: TikTok creators will now need to disclose AI-generated content

If you're currently enrolled in the Creator Fund, you can sign up for the new version by going toProfile, thenSettings, followed byCreator Tools,and thenCreator Fund.  Tap Switch at the bottom of the page, and you'll be switched over. If you're not currently in the original creator fund, follow the same steps to apply. You'll be notified within three days whether you were approved or not.

TikTok's move comes as both Instagram and Facebook recently made adjustments to creator compensation programs - changes that allow content creators on those Meta-run platforms to make more money as well.

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