Despite concerns over data privacy and national security, the majority of marketers are still committed to spending more on TikTok, according to a recent survey by Capterra. In fact, 75% of marketers plan to increase their spending on the platform in the next year, even as the threat of a ban looms.
While respondents agree with concerns over TikTok’s security issues, such as data privacy and algorithm transparency, only 31% cite brand safety as a top challenge of using the platform. The survey also found that in the event of a ban, most marketers would diversify their digital marketing strategy, with email and video channels being potential beneficiaries.
According to Permele Doyle, president and co-founder of influencer agency Billion Dollar Boy, other platforms such as Meta, YouTube, and Snap could see spikes in revenue if a ban were to occur. Doyle suggests that brands and creators could pivot to Instagram and YouTube’s short-form video content formats – Reels and Shorts – which are increasing in popularity.
TikTok CEO, Shou Zi Chew, is scheduled to testify before the House Energy and Commerce Committee regarding TikTok’s future. The Biden administration has demanded that TikTok divest itself from parent company ByteDance or face a ban, a move that China strongly opposes.
Despite the potential ban, Chew made a direct appeal to TikTok’s user base, claiming the platform is used by more than 150 million Americans and 5 million US businesses. While the future of TikTok remains uncertain, marketers appear to be committed to the platform for the time being.