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.”
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