TikTok has announced its latest venture, Gimme the Mic, a music contest resembling talent shows like The Voice and The X Factor, allowing aspiring musicians to showcase their talent on TikTok’s livestreams, with live voting by fans determining the winners.

The company said it seeks to “discover new musical talent and support aspiring music creators” through the contest.

The video-sharing platform is also offering up to 500,000 ‘Diamonds,’ TikTok’s in-app currency, to the winner.

While the real-world value of Diamonds remains undisclosed, Axiom Alpha says TikTok currently has two types of Diamonds: (i) Those received during a livestream and redeemable for $0.005 and; (ii) Diamonds received on a standard video that are redeemable for $0.01

However, it notes that TikTok parent company Byte Dance‘s terms of service enable it to change the value of Diamonds at any time.

Gimme the Mic consists of three stages: audition, semifinal, and grand finale.

Participants can submit a 30-second audition video using the hashtag #GIMMETHEMIC between August 7 and August 16.

The top 30 submissions will advance to the semifinal, which is scheduled from September 1 to September 3. During the semifinal, they will perform in pairs in livestreamed events on the @tiktoklive_us account. Viewers will have the opportunity to vote for their favorite performances in real-time, earning votes by registering for LIVE events and more.

The US finale on September 10 will feature the top 10 performers, with one winner receiving 50,000 Diamonds and earning a spot in the global competition alongside winners from other countries to win 500,000 Diamonds.

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