You may know of Facebook, Instagram, Snapchat, Google, and YouTube as internet services you use for information and entertainment, but they make their money from the millions of small businesses around the world who use these platforms to sell their products and services.
In 2016, the world was hit with yet another social media app but this one did not come out of Silicon Valley. It was made in China and they were calling it TikTok.
When TikTok was first launched, the perception towards the app was that it would be strongly popular among Gen Z, with its short videos of dancing challenges. Truth be told, TikTok is madly popular among Gen Z and Gen Alpha, so the general conception of it being yet another app with brain rot content was not entirely flawed. According to statistics published by Social Shepherd, about 48% of TikTok users are below 29 years of age, 23% are Gen Z and 25% are Gen Alpha. But that is not all there is.
Initially TikTok simply featured lip syncing music and dancing videos, however eventually with its rising popularity and usage, it now features all types of content catering to diverse communities.
What is more interesting, however, is the evolution of these social media platforms. They do not simply exist for entertainment anymore. These platforms now carry revolutionary traits that not only influence behaviours and trends, but have also become a means to a living. It is no secret that creators directly earn revenues from posting content on social media apps like Instagram and Youtube. While others like Facebook have evolved into an e-commerce platform, hosting groups that function as online stores for sellers, service providers and buyers. All sizes of stores and businesses also use these platforms to run ads, often morphing a traditional advertising message into a reel that is much more interesting to watch than an old school TV commercial.
What stood out to us, prompting us to write this article, was one particular community on TikTok– the small businesses community. Let us scroll through TikTok’s journey to becoming a significant platform for brands to engage potential customers directly and the app tweaking its offering to double down on this market. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
