TikTok Marketing ‘Generates $1bn In Direct Revenue’ For Businesses, Report Claims

TikTok Marketing ‘Generates $1bn In Direct Revenue’ For Businesses, Report Claims
B&T Magazine
Edited by B&T Magazine



A new Oxford Economics report, commissioned by TikTok, estimates activity on the platform contributes $1.1 billion to Australia’s GDP and supports nearly 13,000 jobs.

The report, which places an economic and business value of activity on the platform, said there are 8.5 million Aussies and 350,000 businesses (13.6 per cent of the total) use the social video sharing app.

The report found that 38 per cent of users (3.2 million people) had purchased a product or service that had been recommended on the platform.

About half (52 per cent) of TikTok users use the platform to browse food and beverage content, a similar proportion use it for music content, and 41 per cent had visited a restaurant recommended on TikTok.

In a survey of 1,100 Australian businesses that are on TikTok, 78 per cent said it had a positive impact at expanding the business’s reach, and similar proportions said it allowed them to interact more with new customers and grow brand loyalty. 

Using TikTok for business has been embraced by younger organisations. In the sectors surveyed, 54 per cent of businesses aged 5-9 years reported using TikTok at least once a month for advertising and marketing purposes, followed by 42 per cent of businesses under 5 years old.

TikTok GM of global business solutions Brett Armstrong, said it has become “an integral part of the social fabric of Australia”.

“TikTok has become a platform that is loved by millions of Australians and used by more than 350,000 businesses, of all shapes and sizes, to reach new customers and markets. This helps to create jobs and put money back into the economy,” Armstrong added.

“Our unique recommendation system focuses on engagement and interests, rather than follower numbers. This allows both new and established businesses to tap into popular trends and culture without the need for big marketing resources.”




Please login with linkedin to comment

TikTok

Latest News

Slew Of Senior Hires At Sparro by Brainlabs & Jack Nimble
  • Advertising

Slew Of Senior Hires At Sparro by Brainlabs & Jack Nimble

Independent digital marketing agency, Sparro by Brainlabs, and creative production agency, Jack Nimble, have announced four new senior hires across the agency group. The appointments follow several significant recent new business wins and product launches. Lead image: Kiki Jones, Morgen Mathews, Lauren Nixon-Smith, Michael Sparkes Kiki Jones joins Jack Nimble as group account director following […]

SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants
  • Advertising
  • Campaigns

SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants

SBS Audio has launched a new marketing campaign for its ‘Australia Explained’ service which supports new migrants to successfully navigate life in Australia and achieve a greater sense of belonging and social cohesion. SBS’s flagship service for new migrants, Australia explained, has launched a multi-platform marketing campaign that reaches into the heart of the migrant […]

Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops
  • Advertising

Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops

Shoppers can now get access to sustainability information at their fingertips through Tracker, a first-of-its-kind mobile app. The Tracker app centralises sustainability data into a single, easy-to-understand format, helping shoppers make informed choices about the brands and products they support. Shoppers can simply scan the barcode of their favourite supermarket, chemist or department store item […]