TikTok is shutting down its $2 billion Creator Fund

Paris Hilton uses her iconic catchphrase at Tubi, TikTok event

Hosted by TikTok creator Brittany Broski, the hour-long live event featured appearances from many celebrities including Paris Hilton and Joey Lawrence.

TikTok has announced that it’s shutting down its original $2 billion Creator Fund and shifting the focus to its newer Creativity Program.

The Los Angeles-based company confirmed the news to FOX Television Stations Tuesday.

"The Creativity Program was developed based on the learnings and feedback we've gained from the previous Creator Fund," a spokesperson for TikTok said in a statement. "As we continue developing new ways to reward creators and enrich the TikTok experience, we value the feedback and direct insights from our community to help inform our decisions."

Creators who are currently enrolled in the Creator Fund can switch to the Creativity Program.

Tik Tok is displayed on the screen of an iPhone on March 05, 2019 in Paris, France. (Credit: Chesnot/Getty Images)

According to TikTok, the new program offers higher cash incentives with earnings based on qualified views, giving a user the potential to earn 20 times the amount previously offered by the Creator Fund.

The Creator Fund will be discontinued in the United States starting December 16.

How to make money on TikTok with Creativity Program

To be eligible for the Creativity Program, creators must be at least 18 years of age and have at least 10,000 followers and at least 100,000 views in the last 30 days.

Eligible videos must be high-quality, original content longer than one minute. You can learn more here.

The Creator Fund was launched in 2020 to support content creators through earnings that "reward the passion and dedication they put into inspiring, uplifting, and entertaining the TikTok community."