Small Businesses On TikTok “Devastated” By Ban [Forbes]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Forbes
While TikTok corporate is committed to fighting the impending ban , small business owners who depend on the platform as their primary source of revenue are in a full-blown panic. Nerdy Nuts owners Erika and Craig Mount made $16 million last year promoting their peanut butters on ... [+] TikTok. In response, TikTok has hired PR firms across the U.S. to promote the importance of the platform to small businesses and the United States economy. In a new conducted by Oxford Economics, 45% of the SMBs on TikTok consider it critical to their existence. On average, using the marketing and shop functions increase a business' revenue by 88%. With over 7 million businesses now using TikTok and TikTok Shop, the report estimates the platform has contributed $24 billion to the U.S. economy. Erika and Craig Mount, the owners of Rapid City, South Dakota's (684K followers) went from making $60,000 USD at a local farmers market in 2018 to earning $16 million via TikTok in 2023. “We're in denial. W
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