The report was done with the cooperation of TikTok, which granted its authors access to information on the site.
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 report issued Wednesday.
TikTok collaborated with Oxford Economics on the report by granting the company access to data on the platform. Small businesses’ use of TikTok as an advertising platform provided $5.3 billion in tax revenue to the U.S. government last year alone, the report said. Thirty-nine percent of the small-business owners included in the report said that TikTok is crucial to their businesses’ existence, and 69 percent said the app led to increased sales for their business in the past year, according to the report.
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