TikTok says small businesses generated billions on its platform in 2023

Posted under: SMB
Date: 2024-03-21
TikTok says small businesses generated billions on its platform in 2023

TikTok has released self-funded research claiming that small businesses generated $14.7 billion in combined revenue through its platform in 2023. The study, conducted by Oxford Economics, found that the platform contributed $24.2 billion to the US gross domestic product last year and helped small business owners generate $14.7 billion in revenue. Small companies paid an extra $5.3 billion in taxes due to sales increases attributable to their use of TikTok, while the platform's U.S. operations provided an additional $2 billion. The U.S. House voted in favor of a bill that could outlaw TikTok if it passed in the Senate. The platform has been used by small business owners to engage with consumers and market their brands. The transparency of corporate-paid research is rarely without fault. The financial impact this study attributes to the platform is worthy of re-examination, as most of the seven million accounts cited by Oxford Economics are not operated by mid or large-size firms.

Read more at: www.asbn.com