TikTok has announced that it will be introducing a new brand and platform called TikTok For Business, which will be tasked with marketing solutions for business.
TikTok For Business will include access to ad formats such as TopView, as well as other products like Brand Takeovers, In-Feed Videos, Hashtag Challenges and Branded Effects. Today will also see the addition of new AR effect, Brand Scan, as well as the launch of a new e-learning centre aimed at helping marketers learn about TikTok’s ad offerings. This will feature product guides, resources and best practices designed to guide successful campaigns.
While TikTok has not publicly disclosed the pricing for its ad tools, reports have positioned TikTok’s rates as cheap when compared with Facebook in recent months.
TikTok will officially present the new platform at the IAB’s NewFronts later today, where the company is set to position itself as a space where marketers can create work that becomes a part of the TikTok community, working on the idea of TikTok as a place where culture and trends are created and shared globally, and where content can go viral in a short span of time, across a varied audience.
TikTok’s revenue has reported growth ahead of today’s launch, with reports in January claiming that its revenue was set to surge over 300 per cent by Q4 2020. More recently, it was reported that TikTok’s US revenue was expected to hit $500 million this year.
“With the launch of TikTok For Business, we set out to embrace the creative, positive, and real moments that make our community so special with solutions for businesses to connect and grow with our wonderfully expressive community,” said TikTok’s Managing Director for Global Business Marketing, Katie Puris, in an announcement.