Thursday, September 7th

Marketers Love TikTok 💕

Author

Notable Daily
September 07, 2023

What’s In This Email

  • TikTok enables ad search function for marketers

  • Global TikTok ad revenue expected to hit $53 billion by 2027

  • Bank of Canada holds interest rates at 5%

  • Airbnb’s New York listings are about to plummet

  • Notable spotlight: Good Neighbour

  • Notable plug 🔌

✍️ TAKE NOTE

TikTok Enables Ad Search Function for Marketers

TikTok's latest feature allows users to decide if they want marketers to use their data for targeted ads. While this step aligns with the push for greater data transparency and user control, there's a buzz in the marketing community about the potential impact on ad campaign effectiveness. Still, with TikTok's undeniable reach and engagement, it's hard to overlook its significance in advertising.

Key Takeaways

  • TikTok has introduced a new feature allowing users to toggle on or off a setting that lets marketers use their data for ad targeting.

  • This move is in response to Apple's App Tracking Transparency (ATT) framework, which requires apps to get user permission before tracking their data.

  • The toggle feature is part of TikTok's broader effort to give users more control over their data and maintain transparency.

  • Marketers are concerned that this might reduce the effectiveness of their ad campaigns on the platform.

  • However, TikTok's massive user base and engagement levels mean it remains a valuable platform for advertisers.

Global TikTok Ad Revenue Projected to Hit $54 Billion by 2027

TikTok's meteoric rise isn't just about viral dances and challenges; it's becoming an advertising powerhouse. With projections indicating its ad revenue could soar to nearly $54 billion by 2027, brands are noticing.

Key Takeaways

  • In 2022, the platform's ad revenue stood at $12 billion, indicating a significant growth trajectory.

  • The platform's user-friendly interface and innovative ad formats have made it a favourite among advertisers.

  • TikTok's growth in advertising revenue is also attributed to its increasing user base, expanding partnerships and high engagement rates.

  • The platform's massive traction with Gen Z drives its ad revenue growth. This generation values the space the platform provides for self-expression and interest exploration.

  • Estimated revenue for 2023 is $18 billion.

 🌐 AROUND THE INTERWEBS  

The Bank of Canada decided to hold its benchmark interest rate at the current 5%. However, while most Canadians think it’s a slight relief, they also think rates need to come down to provide real relief.

 

#Airbnb is trending as New York cracks down on short-term rentals. Canadian voices in the conversation wonder if Canada should do the same as Canadian housing costs continue to soar due to lack of supply.

 

Do you think Canadian provinces should follow in New York's footsteps & restrict short-term rentals?

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🔦 NOTABLE SPOTLIGHT 🔦

Get up to 70% off for the end-of-summer sale.

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🔌  NOTABLE PLUG

🎙 Get Into It: 7-Figure Small podcast is a unique podcast featuring self-made business owners. The host, Brian Clark, interacts with his listeners by narrating his entrepreneurial journey. Clark has started three successful startups and created the seven-figure-small movement. Listen on Apple or Spotify.

📄 Notable Hires: Social Media Content Creator (Food & Lifestyle) @ Loblaws Agency

🎓 Hope This Helps: Legal Robot. This tool is designed to automatically translate complex and confusing “legalese” into straightforward language that anyone can understand. It is helpful for laypeople who want to understand legal documents and for legal professionals to ensure that their contracts and documents are written in terms anyone can understand.

🧠 Today We Learned: Dr. Seuss, the popular children's book author known for his rhyming skills, was born Theodor Seuss Geisel. Seuss is his mother's maiden name, and their family pronounces it as "soice" (rhyming with voice). Seuss' college friend Alexander Liang even wrote a poem about the common misconception.

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Notable Life is Canada's hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 46,000 top-tier professionals in competitive industries.

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