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Advertisers are contemplating alternate marketing channels to avoid interruptions from TikTok’s unclear US future. After House members passed legislation ordering ByteDance, TikTok’s Chinese parent company, to divest the app within six months or face a nationwide ban, advertisers are closely monitoring developments and waiting for Senate action before making significant marketing changes.
On Wednesday, the House approved the bipartisan measure 352 to 65 to address ByteDance-related national security concerns. Representative Cathy McMorris Rodgers (R-Wash.) said, “Today we send a clear message that we will not tolerate our adversaries weaponizing our freedoms against us.”
U.S. President Joe Biden’s readiness to back the measure has boosted efforts, but Senate discussions, especially on legal and free speech issues, will decide its destiny, as reported by TechTimes.
TikTok Ban To Benefit Rival Platforms
Industry insiders expect Meta’s Reels and YouTube’s Shorts to absorb TikTok’s advertising dollars after a ban, as reported by Reuters. TikTok opposes the prohibition, citing possible harm to artists and small companies, but experts see rising support behind legislative measures, forcing advertisers to plan for advertising landscape changes.
Some companies prefer a “business as usual” attitude to TikTok, noting its durability despite past restrictions, while others stay alert, understanding the volatility of the situation. Social media advertising is dynamic, so firms can quickly adapt their marketing strategy to changing events.
Estimates predict $8.66 billion in U.S. ad income for TikTok this year, demonstrating its influence on culture and advertising. Despite assurances from certain digital ad providers that an outright TikTok ban is unlikely, the risk of a sale inside the deadline highlights the need for advertiser readiness.
This picture, taken in Moscow on October 12, 2021, shows the Chinese social networking service TikTok’s logo on a smartphone screen. (Photo: KIRILL KUDRYAVTSEV/AFP via Getty Images)
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However, rival social media platforms’ ability to replicate TikTok’s impact is unknown. Meta’s Reels and YouTube’s Shorts provide comparable video forms, although user preferences and interaction patterns may differ. Strategic flexibility in the changing social media environment is crucial for advertisers, who must monitor customer behavior and trends.
TikTok Fights Back
US politicians suggest finding a new TikTok owner. Despite its apparent simplicity, the path to execution faces formidable challenges. Notably, the stringent six-month timeframe poses a significant hurdle, alongside other complexities.
Interest from figures like the “Shark Tank” personality Kevin O’Leary underscores potential buyers’ intrigue, but Stanford University researcher Graham Webster emphasizes the arduous nature of negotiations and the hefty financial investment required.
Moreover, potential buyers must navigate scrutiny from antitrust authorities in both the US and China. However, Matt Perault from the University of North Carolina’s Center on Technology Policy noted that experts suggest a potential reduction in TikTok’s acquisition cost if the bill advances and survives legal challenges.
Meanwhile, in response to the passage of the House measure, TikTok CEO Shou Chew urged users to protect their constitutional rights and suggested that TikTok might sue the legislation if it passes.
“I encourage you to keep sharing your stories; share them with your friends, share them with your family, and share them with your senators. Protect your constitutional rights. Make your voices heard,” Shou Chew noted.
Related Article: Steven Mnuchin Leading Investor Group to Acquire TikTok Amid Legislative Threats, but What Did China Say?
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