Oxford Study Reveals TikTok’s Benefits to Minority Businesses Amid Proposed TikTok Ban –

Although TikTok is currently struggling to stay in US app stores national security concernsminority-owned small and medium-sized businesses (SMBs). says the app is important to helping them succeed in a crowded market.

How . reported, A research from Oxford Economics indicates that Black, Latino and Asian/Pacific Islander-owned businesses see the app as a lifesaver. TikTok commissioned a study to assess the app’s economic impact on the U.S. business landscape.

According to the study, “Social media provides these corporations with opportunities which will have been denied up to now. Barriers comparable to access to capital, contracts with marketing corporations, and access to media could be much less critical when promoting business opportunities on TikTok.

The report also points out that minority-owned small and medium-sized businesses have access to branded offerings that they otherwise would not have access to without TikTok. “Nearly half (45%) of minority-owned small and medium-sized businesses say TikTok enables them to pursue lucrative brand partnerships and sponsorships that would be more difficult to establish without the app.”

Small business owners like Brandon the Plant Guy CEO Brandon Hurst realize that a TikTok ban would mean incalculable losses. Hurst said TikTok has a singular ability to give small and medium-sized businesses reach they couldn’t achieve with other apps.

“I think they (lawmakers) think there are a lot of social media apps out there and we could just join another app and still promote our business.” Hurst said. “I don’t think they realize that TikTok has a really unique ability to reach people you could never reach on any other app.”

Hurst’s claim is supported by an organization report that maintains this TikTok provides higher engagement than Instagram. Molly Burke, senior retail analyst at Capterra, told the outlet: “Small and medium-sized business performance on TikTok has been strong. “Most of them are seeing a positive return on ad spend, growing sales attributable to TikTok, and engagement beyond what they get on any other social media app, including Instagram and Facebook.”

Capterra also expects TikTok to have a powerful 2024 research on small and medium-sized corporations indicates that they may increase their marketing spend on the platform for the remaining of the 12 months. While it’s unclear whether reports of TikTok’s aid to small and medium-sized businesses will prove effective in stopping a possible ban, it’s hard to ignore the $24 billion the app has helped generate in economic activity.

As we reported, although the bill quickly passed the House of Representatives, Art the forecast for the Senate is less positive. Senators like Senate Commerce Chairwoman Maria Cantwell (D-WA) acknowledge national security concerns, but additionally they know that if the bill passes, there’ll likely be potential First Amendment challenges.

Senator Cantwell emailed TechCrunch with an announcement: “These are national security threats, and it’s good that members of both chambers are taking them seriously,” Cantwell said. “After today’s vote in the House, I will be talking to my colleagues in the Senate and House to try to find a path forward that is constitutional and protects civil liberties.”