TikTok has just announced a new initiative that will identify the next wave of artists in the music industry.
👉 Background: If you're not personally on TikTok, then you definitely know someone who is addicted to it. In fact, nearly 30% of all Australians are on TikTok.
👉 What happened: Now, TikTok has just announced a new initiative called Elevate. This new program is supposedly going to identify the next wave of up and coming artists in the music industry. Think: Simon Cowell... but via the Tok.
👉 What else: But this initiative is not out of the pure goodness of TikTok's heart... This is another revenue stream for the app to lean into.
💡Gone are the days when social media platforms just made money via ads. Now, they are finding creative ways to monetise through 'enhanced services'.
💡TikTok's obviously got a massive and loyal customer base, which gives them a massive opportunity to monetise through other services, in addition to ads. We've already seen them do this their own TikTok Music service.
💡The new Elevate program doesn't just help emerging artists get more exposure, but it also brings new content onto TikTok - potentially upping their engagement and reach too.
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