LATEST DEVELOPMENT
TikTok preparing to launch its local services business in US markets despite ongoing ban legislation, according to job postings and insider sources.
INDUSTRY TALK
"The immediate focus will be on top local services partners in travel to further accelerate service offerings on TikTok."
Illustration: Shoshana Gordon/AXIOS
BY THE NUMBERS
Company reports indicate:
7M+ businesses currently on TikTok US
$5.3B in taxes generated from platform in 2023
$77B projected TikTok Live sales by 2027
Dozens of US-based positions being recruited
75-day extension period for compliance
SERVICE EXPANSION
New offerings target:
Creator-merchant partnerships
Travel service vouchers
Food and dining experiences
Local lifestyle opportunities
Monetization for regional creators
STRATEGIC CONTEXT
Developments amid:
Commerce push as platform matures
TikTok Shop's US growth since 2023
Livestream shopping integration
Temporary app store reinstatement
Ongoing regulatory challenges
THE BOTTOM LINE
While awaiting final resolution on its US future, TikTok's aggressive expansion into local services signals confidence while bolstering its economic impact defense against divestiture requirements.