Dixie D'Amelio (second from left) and Charli D'Amelio (third from left) [Image source=AP Yonhap News]
[Asia Economy Reporter Cho Hyun-ui] TikTok stars on the video-sharing platform have been earning profits that surpass the compensation of CEOs of major U.S. corporations.
The Wall Street Journal (WSJ) reported on the 13th (local time), citing Forbes data, that "18-year-old Charlie D'Amelio, who has 133 million followers, earned $17.5 million (approximately 20.9 billion KRW) last year, becoming the highest-earning TikTok influencer."
D'Amelio, who has made huge money through her own clothing brand business and promoting third-party products, earned more last year than the median total compensation of CEOs of companies in the Standard & Poor's (S&P) 500 index in 2020, which was $13.4 million (approximately 1.6 billion KRW).
At that time, the earnings of ExxonMobil CEO Darren Woods ($15.6 million), Starbucks' Kevin Johnson ($14.7 million), Delta Air Lines' Ed Bastian ($13.1 million), and McDonald's Chris Kempczinski ($10.8 million) did not reach D'Amelio's income. CEO total compensation includes salary, bonuses, retirement benefits, as well as stocks and stock options.
The second highest earner was Charlie D'Amelio's sister, Dixie D'Amelio. According to Forbes, her earnings last year were $10 million (approximately 1.19 billion KRW). Including the D'Amelio sisters, the top seven TikTok earners last year made a total of $55.5 million (approximately 6.62 billion KRW), a 200% increase compared to the previous year.
May Kowalski, founder of influencer marketing company Obviously, explained, "Many TikTok stars are diversifying their revenue sources by running companies or launching brands."
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