IndexTikTok: a turning point in the world of social mediaWithout systematic restriction, there are many concerns Final thoughtSocial media is a set of applications in which people can communicate with each other, share everything they want to make public and interact with each other and with modern society. Social media has the same topic as the internet that connects people around the world more easily. But social media is also positively influencing the economy. It not only creates more job opportunities and increases the share of its own industry, but also helps other economic systems. News, education, tourism, government, shopping, entertainment and so on. This argumentative essay on social media examines exactly how mass media is changing economies around the world. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay For example, the US Trade and Development Agency (USTDA) has really made the most of the convenience that social media offers. The USTDA helps many U.S. companies provide new job opportunities by exporting goods and services for developing projects in new growth markets. Applications like Twitter and Facebook help USTDA grow more followers, show more content for customers, and their partners also have the ability to promote their own content. A special case is that of social media which has increased the efficiency of the US-Africa economic forum. Before the pandemic, many people had noticed the impact of social media. According to research, people spend an average of 9 hours a day on social media platforms like Google, Facebook, YouTube, Amazon, TikTok. And there are over 3.5 billion people who use the social media platform to actively access different online pages to purchase or check recommendations on the best products. Furthermore, compared to the traditional market, social media is a cost-effective but also more flexible and direct advertising method. It is obvious that the current app economy is boosting media industries. Apple reported that the App Store generated “$10 billion in developer revenue” in 2014. According to research conducted by the International Data Corporation, in 2015, “direct (non-advertising) revenue from mobile app installs was approximately $34.2 billion. In 2020, direct revenues are expected to amount to $57 billion, a figure that equates to a compound annual growth rate of 10.6%.” In addition to installs, the app itself can generate huge profits. In 2019, YouTube had revenue of $15.15 billion, while Netflix had $20.16 billion and TikTok had $17 billion. TikTok: a turning point in the world of social media During the global pandemic, covid-19, the world economy is facing a great challenge. Many shops are forced to close, people are forced to stay at home, society is unable to move forward. But one thing that isn't affected is social media. However, it actually accelerates the rise of social media apps like TikTok. Since people do nothing but stay at home browsing on their phones. TikTok has the highest follower engagement rates out of 100,000 user profiles sampled in an online research project conducted by Influencer Marketing Hub. But beyond the video sharing platform, there is a new rising star. The “live streaming system”. People share whatever they want through the camera with millions of viewers at once. With this mode, live streaming is the future. "According to a Bloomberg article, citing sources"familiar with the matter," ByteDance's (TikTok's parent company) revenues in 2019 were more than double its 2018 grosses. If correct, that means the block's new video streaming service has overtaken incumbent YouTube, which reportedly grossed $US15.1 billion ($22.2 billion) in ad sales last year. However, it has not yet caught up with Instagram, which brought in US$20 billion ($29.4 billion) in revenue for parent company Facebook in 2019.” TikTok in China had 1.5 billion monthly active users before covid-19. Imagining this year's number! Also, another live streaming app: Twitch finally surpassed YouTube which brought in $1.54 billion in live streaming. But not just the platform, the company. Normal people like us can make huge profits from this industry. According to Google, Richard Tyler Blevins, who prefers to be called "ninja," a Twitch streamer made $17 million last year just by sitting in his chair playing games and broadcasting to viewers around the world. While covid-19 has put most people's jobs on hold, it's apparently not theirs. According to Sportskeeda, an eSports website, Ninja is on pace to make $20 million this year. While people are dying to get a job, Ninja, like a streamer, is sitting in his fancy gaming room and making his way to a millionaire. Not just the ninja himself. The entire online streaming and short video industry is continuously growing while other industries are still struggling for a way out under the influence of covid-19. TikTok's earnings have increased proportionately to its growing popularity. While the most recent data available is from before TikTok introduced its advertising marketplace, it still shows a sizable increase in monthly earnings. As of October 2018, TikTok was making $3.5 million a month from in-app purchases, such as emojis and digital gifts. With the introduction of the formal advertising market, TikTok's revenue is now likely to be considerably higher. Tiktok is so easy to make money, so now streamer is an official occupation. Everyone wants a slice of this “golden cake”. Addison Rae Easterling, a regular college student who used to post a few dance videos, now earns $5 million through the app. This is not just a special case; It is becoming more and more popular for people to gain followers on TikTok and earn profits from sponsors. Charli D'Amelio with $4 million, Dixie D'Amelio with $2.9 million. Loren Gray with $2.6 million. It's all too obvious that social media isn't just for entertainment. It has a huge impact on the economy that might even trigger some policies. A recent example is US President Donald Trump who just announced a ban on TikTok in North America. And the impact of this ban is enormous. Since TikTok is a global popular application, it has a huge share in the global market. Although it launched in 2016, the app didn't hit the top until 2019: we estimated that the app's revenue could produce anywhere in the world between $200 and $300 million last year. And in 2020 it will surpass the $500 million mark in the US market. Retailers can scale their advertising on TikTok, from brand acquisitions for $50,000-100,000 to native ad campaigns for as little as $500. TikTok's revenue does not include the amount brands invest in influencer marketing. Many creatives are compensated directly by brands, and pay is scaled based on the number of followers and average engagement.