Clock’s Ticking on TikTok — What a Ban Could Mean for the Creator Economy
22% of organizations surveyed by CreatorIQ said TikTok drives the most ROI out of all social platforms.
TikTok is once again in the spotlight, as President Joe Biden today signed legislation for a foreign aid package that includes a bill that could lead to the platform’s banning in the U.S., unless parent company ByteDance sells the service.
TikTok has become a behemoth for the creator economy, and with its fate up in the air, many brands and influencers are wondering what will happen next. While that remains to be seen, there’s no denying the power the platform exerts. Tim Sovay, CreatorIQ’s Chief Business Development & Partnerships Officer, shared some stats with The Measure:
- There was a 113% increase in TikTok videos in the nearly 20,000 campaigns CreatorIQ tracked last year, and 22% of organizations surveyed said TikTok drives the most ROI out of all social platforms.
- That said, the creator economy extends beyond any one channel. CreatorIQ data shows that upwards of 80% of all creator marketing campaigns take a multi-platform approach.
- Instagram is still the most-used channel, and it’s still growing, with a 100% increase in Reels year over year. Brands are experimenting with new channels, too — in 2023 YouTube Shorts grew 700%, Twitch grew 300%, and Snapchat grew 242%.
