TikTok unveils Sh20bn fund to pay content creators
- by Joann Nelson
- in Sci-tech
- — Jul 30, 2020
TikTok Chief Executive Kevin Mayer on Wednesday defended his company's practices as it faces increasing pressure from the US government, competitors and its creators over the app's ties to China.
In remarks planned during Wednesday's congressional hearing on tech companies' potential antitrust violations, Facebook CEO Mark Zuckerberg framed Facebook as a story of homegrown American success whose future is threatened by China.
However, TikTok has denied the allegations.
Announcing the review, Secretary Mnuchin said TikTok was being investigated by the Committee on Foreign Investment in the United States (CFIUS), which examines commercial transactions for national security concerns.
President Donald Trump told reporters on Wednesday that the U.S. government is thinking about imposing a ban on Chinese video-sharing application TikTok.
Flanked by Mnuchin, Trump said before leaving the White House on a trip to Texas that "we are thinking about making a decision" about the company, owned by China's Beijing Bytedance. It is not clear what such a deal would be worth and what ties TikTok in the United States would maintain with its global operations.
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"Without TikTok, American advertisers would again be left with few choices", he added. "The Government of India has issued an interim order for the blocking of 59 apps, including TikTok and we are in the process of complying with it".
TikTok took its own shots in response on Wednesday, at one point faulting Facebook for launching a "copycat product" similar to its short video app.
Media captionWATCH: Will TikTok be banned? The world's most valuable startup is trying to stave off a possible blacklisting that would cripple its growth, and exploring options such as a sale of TikTok to American investors.
"Their other copycat Lasso failed quickly", he says.
"Through the TikTok Creator Fund, our creators will be able to realise additional earnings that help reward the care and dedication they put into creatively connecting with an audience that's inspired by their ideas", Pappas said.
At TikTok we welcome competition. Without it, he wrote, "competition would dry up and so too will an outlet for America's creative energy". ByteDance also says that there are other companies interested in purchasing the app. TikTok has begun to lift the curtain around its internal processes with a new transparency center; the facility is based in Los Angeles and will allow outside experts to observe the company's content-moderation processes in real time.
