‘An integral part of the social fabric of Australia’: TikTok contributed over $1 billion to our GDP last year
TikTok contributed $1.1 billion to Australia’s GDP and supported close to 13,000 jobs last financial year, according to a new economic impact report by Oxford Economics.
The inaugural ‘TikTok Economic Impact Report,’ found that investments in advertising and marketing on TikTok during FY23 generated $1 billion in direct revenue for Australian businesses, as well as being responsible for another $100 million including “flow on impacts”, making the total GDP contribution $1.1 billion for the 12 months.
“Millions of people have visited a restaurant or shop, or purchased music or bought concert tickets after watching TikToks,” the report states. “This means businesses can, and do, really leverage the platform to grow.”
The report found that around 3.5 million Australians visited a TikTok-recommended restaurant or shop at least once, 1.8 million people purchased music or concert tickets after discovering music on the platform, and around 3.2 million Aussies purchase a product or service recommended on the platform at least once a month.
TikTok, GM of global business solutions, Brett Armstrong, said the platform has become “an integral part of the social fabric of Australia”.
“TikTok has become a platform that is loved by millions of Australians and used by more than 350,000 businesses, of all shapes and sizes, to reach new customers and markets,” said Brett Armstrong, TikTok’s GM of global business solutions. “This helps to create jobs and put money back into the economy.
“Our unique recommendation system focuses on engagement and interests, rather than follower numbers. This allows both new and established businesses to tap into popular trends and culture without the need for big marketing resources.”
The platform recently announced 350,000 business users in Australia, and now boasts over 8.5 million Australian users.
“Businesses, of all sizes and categories, are increasingly using TikTok as a channel to reach new customers and markets,” Armstrong notes.
“In fact, nearly half of businesses that reported using TikTok for marketing and advertising purposes, used the platform at least once per day.”
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“Millions of people have visited a restaurant or shop, or purchased music or bought concert tickets after watching TikToks,” the report states.
Millions of people who have visited a restaurant or shop, or purchased music or bought concert tickets after watching TikToks have probably also driven a car, got a Uber, listened to radio or digital music, seen an ad, seen a billboard, been recommended by a friend or evern gone to the toilet
That’s what we call a Vanity Claim.
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