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As U.S. lawmaker matter a possible TikTok ban , the ByteDance - possess myopic - form video app releasedan economic impact reporton Thursday . In it , the troupe touts the weapons platform generated $ 14.7 billion for small- to mid - size business organization ( SMBs ) last year , and a further $ 24.2 billion in total economic activity , patronize through little business concern ’s economic consumption of TikTok .
In add-on , it says that over 7 million U.S. businesses swear on TikTok and that 224,000 line of work were back up by little business organization activeness on the weapons platform in 2023 . Of those , 98,000 job were supported directly within SMBs on TikTok . The states with the magnanimous impact include California , Texas , Florida , New York and Illinois .
The study was perform by the economics prediction group , Oxford Economics . It mensurate SMB activity on TikTok , along with ad spend and return on investment , and leveraged census datum and other measurement to come to its conclusions .
While a report of this size and scope could n’t be shed together overnight , the timing of its release is likely not coincident .
In March , a flier that could cast out TikTokpassed in the House of Representatives . President Biden saidhe would sign on it into lawif it also fleet in the Senate . Of concern to TikTok , is that the flyer gained bipartisan documentation , make it the House with a 362 - 65 vote , despite former President Trump ’s change of situation on the matter . The Trump administration had previously sought to banish TikTok , call it a national security peril , butTrump now opposes a ban , allege that Meta would gain .
Meta is clearly prepare for a potential future where TikTok could be shun , if not spin out from ByteDance . On Wednesday , Facebook was updated to supporta new video player across its societal net ; it will urge Virginia reel , prospicient - manakin and Live video , but default to showing them in erect format , as on TikTok .
YouTube and other brusk - chassis video platform could also gain increased pic if TikTok were to be banned , and could pave the elbow room for startups competing in the space , as well .
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TikTok ’s economical news report is a readable endeavour to make a lawsuit for why the app should be allowed to continue to mesh , take note that $ 5.3 billion in revenue enhancement revenue last year was support by small patronage activity on TikTok , including as a marketing and advert platform .
The company also presented a miscellanea of casing studies where business concern owners claim that TikTok help oneself to drive sale , website traffic , and other form of extra tax income .
Though TikTok has been urging user via in - app subject matter tocall Congress to protest a banning , the bill still faces a more difficultpath to expire in the Senate — and more so now that the Republican party ’s loss leader has vacate his position on the ban .
The controversial bill that could censor TikTok face a bumpy road in the Senate
