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Business cannot afford to ignore TikTok — or what comes next

As digital platforms evolve relentlessly, executives must keep up and use them boldly

It is hard to fathom that TikTok, the short viral video app, was only launched internationally in 2017. Since then, it has racked up millions of users around the world, despite bans in several countries. Influencers, musicians, artists and politicians have all tapped the power of the algorithm-driven app, as, increasingly, have businesses.

Turning to a platform best known for frivolity and excess may seem an odd move for business executives and students. But a willingness to engage with unfamiliar platforms is increasingly important for companies of all sizes, with competition tougher than ever — and that applies beyond TikTok.

Back in 2007, with the launch of the Facebook Ads platform, chief executive Mark Zuckerberg declared that “the next 100 years will be different for advertising, and it starts today”. That may have seemed like Silicon Valley bravado, but by the second quarter of 2021, Facebook was posting advertising sales of $28.6bn.

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