Tech platforms make pitch for ad deals as TikTok is roiled by politics [Yahoo! Finance]
Meta Platforms, Inc. - Class A (META)
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Source: Yahoo! Finance
platforms like Snap and Meta look to capitalize on TikTok's political uncertainty in the U.S. to take ad dollars from their rival. The presentations in New York, known as the NewFronts, come just a week after U.S. President Joe Biden signed a bill that gives Chinese tech company ByteDance up to one year to divest TikTok, or else the app will be banned over national security concerns. TikTok has vowed to fight the legislation. The short video platform announced new sports and entertainment partnerships at its NewFront on Thursday evening, including an agreement that broadcaster NBCUniversal will post clips of this summer's Paris Olympics on TikTok. TikTok is expected to generate $8.66 billion in U.S. ad revenue this year according to an estimate from research firm Emarketer. While it is a fraction of the size of Google and Meta, TikTok kicked off the short-form video craze and prompted rivals to build similar features. "TikTok must show advertisers that it's business-as-normal,
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