by Jeff Della Rosa (JDellaRosa@nwabj.com)
With the looming threat of a TikTok ban, marketing agencies and influencers are bracing for a big change. In April, President Joe Biden signed a law requiring ByteDance, the parent company of TikTok, to divest the business or face a U.S. ban of the platform.
According to Forbes, 7 million businesses advertise on the platform, and 1 million influencers earn a living by making videos on TikTok. The creator economy is a $250 billion industry expected to double by 2027. This year, 92% of brands look to increase their influencer marketing investment.
According to eMarketer, TikTok is a popular choice for brands to reach a wider audience, but it’s not the only platform for commerce. Brands using TikTok’s e-commerce platform, TikTok Shop, often sell on multiple platforms. However, replicating the success of selling on TikTok might pose a challenge for some, especially those benefiting from the platform’s viral product reviews.
