TikTok is gobbling up more and more ad dollars, poised for another serious gain this year, even in light of its latest bouts of turbulence.
This week, the House of Representatives is working to fast-track a vote on yet another TikTok ban, reinstating last year’s calls for the short-form video app to part ways with ByteDance, its China-based parent company. A committee approved the measure in a 50-0 vote last Thursday, moving it forward to the House. Notably, TikTok is still reeling from its fall out with Universal Music Group, which pulled songs from the platform leaving swaths of viral videos without sound at the beginning of February. Advertisers say they’re keeping close watch, but remain undeterred in shelling out ad dollars for now.
The proof is in the numbers. Spending on TikTok was at nearly $1.2 billion in Q4 of 2023, 43% more than the $805 million spent during Q1 of 2023, according to ad intelligence platform MediaRadar.
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The original post is at Marketing Archives – Digiday
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