Tiktok boosts the economy

Question

In an Oxford Economics study researchers deep dive into the internet sensation of TikTok. The study claims due to TikToks popularity and ability to boost advertisements across many people in different parts of the world it has the ability and continuously boosts small businesses and supports economic growth in many sectors. Chris Warner and Henry Worthington found studies showcasing examples of SMEs that experienced significant growth to their businesses after downloading TikTok in order to market their business. Their academic model shows that "TikTok contributed 1.6bn to UK GDP in 2022, whilst supporting 32,000 jobs" (https://www.oxfordeconomics.com/resource/the-tiktok-effect/)This only further supports that TikTok boosts businesses and the economy but employs thousands of people across the globe. I have first hand witnessed this through small creators I followed through their journey on TikTok. The algorithm of TikTok will boost ads to more and more For You Pages allowing more consumers to view and buy products. For example small food businesses were boosted by the help of creator @KeithLee who samples different restaurants and reviews the food honestly. The marketing and advertisement for the small businesses allows them to gain traction and therefore grow and build. Overall boosting the small business market of the economy.

Comments

Does any other social media platforms impact our economy?

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The title would be very controversial for Americans because of the current bill attempting to be passed in the United States against TikTok. It's intriguing to hear about the different roles TikTok has in various countries. Could it be said that other social media platforms play extremely contrasting roles depending on the country?

Answer 1

TikTok has been proven to improve the economy. The Washington Post claims that"TikTok drove $14.7 billion in small-business owners’ revenue in 2023 and contributed $24.2 billion to U.S. gross domestic product last year, according to a company-paid report issued Wednesday." The article goes on to describe Tik Tok's contribution the economy in the form of an increase to GDP last year, as well as how it supports more than 59,000 jobs across the country.

Comments

This was a good fact check and allows for not only staticts to prove the original post right but also uses reliable sources and then the reliable sources that the original source used. This also has contradicting statistics to other things in the Washington post article that was posted online which does contradict the sources that was used in this answer.

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Did you find any specific small businesses as examples to back up your reasoning?

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This fact check provides statistical evidence including the benefits the app brings toward small business owners and the general U.S. GDP. Not only does the answer demonstrate reliability but also impies that the given article in the claim is correct. Overall answering that Tik Tok does help the economy.

Answer 2

https://getstarted.tiktok.com/na-holiday24-retail?attr_source=google&attr_medium=pmax-ad&attr_campaign_id=17853804417&funnel=prospecting&targeting=all&creative=pmaxad&gad_source=1&gbraid=0AAAAACeGRgSht2sjlO2L_uQMarbh33ZTY&gclid=EAIaIQobChMIu--MjoqEiQMVEQ-tBh0HJQ3iEAAYAyAAEgKRovD_BwE&ab_version=control

In our present times, online shopping has truly taken off and one of those reasons is because of apps or systems just like Tik Tok shop. It caters to a lot of younger generations with the way they advertise and sell their products however that doesn't stop anyone from being able to be an advertiser. A lot of people can make a living off of videos alone but also by commission and selling their products as well. Tik Tok has been proven to be a platform that reaches millions of people which in the end is amazing for the economy when there are now so many more jobs that people can make money off of or chose to do.

Comments

What made you use a link for TikTok itself rather than include another article to prove your point? This eMarketer article posted last year shows the positives and negatives of websites like TikTok shop which have the possibility to boost the economy but also the possibility to fail, "The social commerce opportunity for TikTok is massive, but it risks facing the same challenges as Instagram and Facebook."

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This is an accurate fact check however this website used to source the information on the fact check did not have credible sources on it and is hard to understand where they got there information from. This seems to be more of an opinion based fact check stating that the tik tok platform can give people many jobs through posting content which is true however does not state what percent of that is giving back to the economy or if that is truly helping the economy or hurting it by taking away other jobs out in different places of work which other articles contradict.

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While I believe this can be a true fact, using the TikTok official website as a source can make this response seemed bias. What does this ad to the argument? Adding a more economic/unbiased source would help your argument.

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While it is true that TikTok boosts the economy, as found in sources like the Washington Post, I'm curious why you linked directly to TikTok as a source. And not even a page published by TikTok explaining it's economic contributions, just a page on how to get started on TikTok. I think finding a reputable source like the Post or an economic source would strengthen your fact-check.

Answer 3

This fact given is in fact a good reliable true source. I researched through the Washington Post studies on if the economy benefits from Tik Tok. It is in fact true that Tik Tok contributed 24.2 billion dollars to the US GDP. It also states in the Washington Post article that not only is it contributing massive amounts to the US GDP but is also employing over 224,000 jobs in the US. This not only helps our unemployment rate but also gives people with creative thinking jobs within our economy. The Washington Post got it's information off the Oxford study and then also pulled information off of graphs from Tik Toks yearly shareholder meetings with GDP graphs and accurate statistics of earnings. The Washington Post says "TikTok funded the study and collaborated with Oxford Economics by providing information about internal operations such as employee head count." As stated in the Washington Post that they not only are contributing in economic fiscal matters but also within the economy employment standards. 

Comments

I think that your factcheck used quoted information and numbers from your source really well. It really helps the reader quickly understand what point the source you are citing is making without having to do a deep dive in to the article that is linked. I also appreciate that you used a well know source that is universally known as a reliable source so the reader has a baseline understanding of the reliability of your factcheck.

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Your factcheck is done well since not only does it supports the claim it also highlights the important parts of the source that you used to help support the claim.