Dom Hoffman, the creator of Byte and former Co-founder of Vine, announced this week that Byte will invest $250,000 into its top social media creators. Initially, this budget is coming from Hoffman’s own pockets. In time, the company believes that this generous salary will come from the advertising revenue they generate.
There are specific rules and requirements. “The program will be fairly limited at first. Only up to 100 creators will be included, and they’ll have to apply and be chosen by Byte. Byte says it’s looking for people who regularly post, make full-screen portrait videos, and are positive members of the community. Byte will pay partners every 30 days based on their viewership. Creators will be put into “Viewership Brackets,” and everyone in the same bracket will be paid the same amount. The company didn’t provide specifics on how much creators can expect to make.”
Hoffman’s last creation, Tik Tok, was known for not investing much into their top producers, which was one reason the app declined. In 2016, several of Vine’s top creators met with the company to discuss better ways for profit to be allocated their way. It resulted in an ultimatum of “pay us or watch us leave”. Unfortunately, these creators left, along with their audiences, and Vine failed. This time, Hoffman is not making that same mistake.
Will It Work?
This is a huge gamble by the company. According to Social Media Today, they are “starting with 100% of any ad intake feeding into the creator payments program – but right now, with limited ad revenue, Byte is essentially adding top creators to its payroll, which means the company is all outgoing and no incoming, at least for the foreseeable future.”
In our last news update on this new app, we stated that since the app launched, it was already a top-three search on the IOS app store. Its target audience of middle school to early college-aged youth is already using it. However, to pay these salaries, these creators are going to have to work night and day to make this a game-changing application. Only time will tell if Byte can truly pay $250,000 to 100 social media influencers.