Similar to Taylor Swift’s sheer impact on the NFL, TikTok has made quite the impact on New York’s economy. According to data, small and medium-sized businesses (SMBs) use of TikTok to advertise their products had contributed a total $1.8B to New York’s GDP in 2023, in addition to $410 million in federal, state, and local tax revenue.
Oxford Economics conducted the study, analyzing how businesses were able to use TikTok’s capabilities to create and produce engaging content that grows wealth on their own terms. Results showed that 91% of New York SMBs saw an increase in sales after promoting their products on the social platform, with 94% of SMBs stating that TikTok has allowed them to scale their operations.
Blake Chandlee, President of Global Business Solutions at TikTok said:
TikTok’s impact on the US economy continues to expand, with millions of small and mid-sized businesses using the platform to reach new customers, increase engagement, and create jobs…The latest Oxford Economics report underscores this growing influence, estimating that 28 million people are employed by businesses that leverage TikTok’s features. The platform isn’t just a tool for brand awareness—it’s a catalyst for real economic opportunity, fueling job growth and innovation across the country.
The impact goes beyond New York, as Oxford Economics found that 4.7 million US jobs benefit from utilizing TikTok. Plenty of businesses are using TikTok to not only reach a larger audience but also recruit employees.
“TikTok was one of the major factors that helped us triple our business,” said one COO, Alex Bellman of Bellman Jewelers in Manchester, New Hampshire. “Because of TikTok, we had to hire eight new employees and are now opening a second location in Boston. Without this platform, we’d have to spend tens of thousands of dollars just to try to compete with larger brands. It’s helped level the playing field for small businesses like ours.”
You can find the full study online.