Flip is a social commerce app that lets customers develop into creators. They will share sincere evaluations and earn money primarily based on engagement on the platform. As Flip competes with TikTok Store and different platforms in a extremely aggressive market, it has launched a brand new creator fund that provides a novel alternative to assist it stand out.
The creator fund quietly rolled out earlier this week and supplies as much as $100 million value of fairness to collaborating creators over the subsequent 5 or so years. Grants vary from $6,000 to $100,000, relying on a creator’s stage of engagement. Notably, Flip goals to distribute as much as $1 million per day for the primary 30 days of this system.
The brand new grant system units Flip other than opponents as a result of it provides customers fairness within the firm. Fairness funds usually have the potential for substantial long-term returns, so creators who stay with this system might see vital advantages, relying on Flip’s success within the close to future. (Nevertheless, it’s essential to notice these returns aren’t assured and fluctuate primarily based on market circumstances.)
To be eligible, a Flip creator should have over 4,000 followers and not less than 10 movies posted within the final 30 days, every garnering round 3,000 views. Flip additionally accepts creators with not less than 20,000 followers on different platforms like Instagram, TikTok, and YouTube. Flip evaluations functions and awards grants inside 48 to 72 hours, the corporate notes.
Funds will happen in 5 years or sooner within the occasion of an organization sale. In both case, funds shall be made in money. Concerning a possible acquisition, nonetheless, Flip President Eddie Vivas shared with TechCrunch, “We don’t currently see an acquisition as an interesting outcome for our company. Our goal is to take the company public one day.”
Inside 72 hours of launching this system, almost 10,000 influencers have utilized, in accordance with Vivas. He mentioned that roughly 22% of the functions got here from giant influencers. Customers can presently view a dwell leaderboard of all of the grants on the creator fund web page. As of this writing, the best grant awarded is $67,000 to Tyler Ok (@cheftyler).
As TikTok’s future within the U.S. stays unclear, Flip is probably going relying on its new creator fund to incentivize extra customers to actively take part on the platform.
Amid the present TikTok drama, Flip has seen vital progress, garnering 580,000 new downloads in January alone, in accordance with estimates from app retailer intelligence supplier Appfigures. On Monday, Flip made it to the No. 10 spot within the General Prime Charts in Apple’s U.S. App Retailer.
Moreover, Flip is presently gaining about 250,000 new customers day by day, with individuals spending a mean of 35 minutes within the app on daily basis, in accordance with the corporate.
To keep up traction and keep aggressive, Vivas mentioned that Flip plans to introduce extra social options within the coming months. These embrace polls, group chats, and “elegant ways to repost,” he mentioned.
“We are focused on becoming a more full-featured, dynamic social commerce platform building on the base we have today, which is now clearly working,” Vivas mentioned.
Flip, which launched in 2021, has raised $236 million so far. The corporate is valued at $1.1 billion.
