TikTok has cut approximately $2 billion from its projected ad revenue for 2022, highlighting the effects of a worldwide economic slowdown that has hit other internet giants like Google and Meta Platforms Inc.
TikTok has slashed its ad forecast for 2022 from at least $12 billion to $10 billion as stated by Chief Executive Officer Shou Zi Chew during a recent meeting.
The scaled-back goal reflects a decline in marketing expenditures globally as businesses and consumers cut budgets and get ready to weather a future recession.
As they prepared for the mid-term elections, American lawmakers and politicians once again expressed concerns about how TikTok manages information flows between employees in China and other countries and stores user data from the US.
As investors avoid risky assets, Parent ByteDance has postponed plans for an IPO.
It provided existing investors with an option to cash out by offering to buy back up to $3 billion of its own shares in September at a valuation of roughly $300 billion.
Though Douyin generates significantly more revenue, it’s unclear how the slowdown in China is affecting that division.
Source: The Malaysian Reserve
MARKETING Magazine is not responsible for the content of external sites.
The APPIES is an annual event that presents a rare opportunity for creative, media, digital and marketing agencies or brands to present their best campaigns to the industry.
This is the only event where Live Presentations meets Live Judging.
Similar to TED Talks, The APPIES is the chance for great presenters with outstanding work to show it off to some of the industry’s most important industry leaders.
This year’s winners will receive Gold, Silver or Bronze trophies for 21 categories, and 6 special Best of Best categories (red trophies) that require no submissions!
Campaign entries must have run between June 2023 to May 2024
Submissions Deadline
30th June 2024
APPIES Festival – Judging & Presentations
11th – 12th July 2024 (Malaysia)
