Table of contentsTikTok - a game changer in the world of social mediaWithout systematic restrictions, there are many concerns. Final Thoughts Social media is a set of applications where people can communicate with each other, share whatever they want to make public, and interact with each other and modern society. Social media is about the same thing as the internet, which is to connect people around the world more easily. But social media also has a positive impact on the economy. This not only creates more employment opportunities and increases the share of one's own industrial sector, but also helps other economic systems. News, education, tourism, government, shopping, entertainment, etc. 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 Should Not Be Banned”? Get an Original Essay For example, the United States Trade and Development Agency (USTDA) has really made good use of the convenience that social media brings. USTDA helps many U.S. companies create new job opportunities by exporting goods and services for underdeveloped projects in new and growing markets. Apps like Twitter and Facebook help USTDA grow their followers, display more content for customers, and their partners also have the ability to promote their content. A special case is that of social media which has increased the effectiveness of the US-Africa business forum. Before the pandemic, many people had noticed the impact of social media. According to a study, people spend an average of 9 hours a day on social media platforms like Google, Facebook, YouTube, Amazon, TikTok. And more than 3.5 billion people use social media platforms to actively access different online pages to purchase or view recommendations of the best products. Moreover, compared to the traditional market, social media is an inexpensive, but also more flexible and simpler method of advertising. It’s clear that today’s app economy is driving media industries. Apple reported that in 2014, the App Store generated "$10 billion in revenue for developers." According to a study conducted by International Data Corporation, in 2015, “direct (non-advertising) revenue from mobile app installations was approximately $34.2 billion. In 2020, direct revenues are expected to be $57 billion, a figure that equates to a compound annual growth rate of 10.6%.” Apart from the installations, the app itself can generate huge profits. In 2019, YouTube made $15.15 billion in revenue, while Netflix has $20.16 billion and TikTok has $17 billion.TikTok - a game changer in the world of social mediaDuring the global covid-19 pandemic , the global economy faces a major challenge. Many stores are forced to close, people are forced to stay at home, society is no longer progressing. But one thing that isn't affected is social media. However, this is actually accelerating the rise of social media apps like TikTok. Since people are doing nothing but sitting 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 apart fromvideo sharing platform, there is a new rising star. The “live streaming system”. People share whatever they want via camera with millions of viewers at the same time. With this mode, live streaming is the future. “According to a Bloomberg article, which cites sources “familiar with the matter,” ByteDance’s (TikTok’s parent company) revenues in 2019 more than doubled compared to those in 2018. If correct, this means that the bloc's new video streaming service has overtaken incumbent operator YouTube. , which reportedly raked in $US15.1 billion ($22.2 billion) in ad sales last year. However, it hasn't really caught up with Instagram, which brought in $20 billion in revenue for its parent company Facebook in 2019." China's TikTok had 1.5 billion monthly active users before covid- 19. Imagine this year's number! Additionally, another live streaming app, Twitch, finally overtook 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 a "ninja", a Twitch streamer made $17 million last year by simply sitting in his chair playing games and broadcasting to viewers on the whole world. Even though Covid-19 has put most people's jobs on hold, it apparently isn't his. According to Sportskeeda, an esports site, ninjas are on track to make $20 million this year. While people are dying to get a job, Ninja, as a streamer, is sitting in his super cool game room and making his way to becoming a millionaire. Not just the ninja himself. The entire online streaming and short-form video industry continues to grow while other industries are still struggling to get by under the influence of covid-19. TikTok's profits have increased in proportion to its growing popularity. Even though the most recent figures available are from before TikTok introduced its ad market, they still show a considerable increase in monthly revenue. As of October 2018, TikTok was earning $3.5 million per month from in-app purchases, such as emojis and digital gifts. With the introduction of the formal advertising market, it is likely that TikTok's revenues are now considerably higher than this. It's so easy to make money on TikTok, which is why the streamer is now an official business. Everyone wants a piece of this “golden cake”. Addison Rae Easterling, a normal college student who used to post dance videos, now makes $5 million from the app. This is not just a particular 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 just too obvious that social media isn't just for entertainment. This has a huge impact on the economy that could even trigger certain policies. A recent example is that of American President Donald Trump who has just announced the ban of TikTok in North America. And the impact of this ban is enormous. Since TikTok is a popular app globally, it has a huge share of the global market. Although launched in 2016, the app only really hit the top in 2019 – we estimated that the app's revenue can generate anywhere in the world between 200 and 300 million.