TikTok To Host Event For SMBs

TikTok is looking to get more involved in the world of small- to medium-sized businesses (SMBs), CNBC reported.

The effort will include an event hosted to get businesses acclimated with how to use the platform, learn about the creators using it, and dispel “myths and misconceptions,” according to CNBC.

The event is likely one intended to bolster TikTok’s cadre of advertisers in a bid to compete with bigger rivals like Facebook and Google, which have allowed SMBs to buy directly for years. Facebook has said that in its second quarter last year, its top 100 advertisers only represented 16 percent of its revenue, and most ad revenue came from the millions of small advertisers using the service, CNBC reported.

Thus far, TikTok has gained traction with advertisers, with Dunkin’, DSW, Pepsi, Aldo and others having signed on, according to CNBC.

“Small businesses are the soul of our communities, and we’re committed to helping them make a comeback after a challenging year,” TikTok said, per CNBC, adding that the event, titled “Ready Set Grow,” would “help small business owners across the country see the magic behind TikTok and explore opportunities to tap into our platform to reach new customers so that they can thrive.”

The event advertises itself as a way for businesses to learn to “go from TikTok curious to TikTok fluent in one empowering, engaging day,” CNBC reported.

TikTok announced in its earnings results in January that its operating profit grew to $7 billion, an increase from its prior sub-$4 billion the previous year. The increase came even in spite of former President Donald Trump’s attempts to ban the social media app last year over security concerns.

TikTok’s parent company ByteDance, based in Hong Kong, saw revenue of around $35 billion in 2020. ByteDance is valued at around $180 billion.

TikTok is currently said to be planning an initial public offering (IPO) in Hong Kong.