In April, President Biden signed a bill threatening a nationwide ban of popular social media platform TikTok if parent company ByteDance doesn’t divest ownership of the app. TikTok has since challenged the looming ban in US courts on grounds of free speech obstruction under the First Amendment.
The app is a huge proponent of brand exposure and advertising, leaving TikTok creators having to revamp their business models if the US government ends up enforcing a ban.
Writer, educator, and finance influencer Kyla Scanlon explains the migration to other platforms the creator economy could likely make if worst comes to worst, and why a departure from TikTok “wouldn’t necessarily be a bad thing.”
Catch Yahoo Finance’s full interview with Kyla Scanlon with Josh Lipton and Julie Hyman, where they talk everything economics, social media, and Scanlon’s new book “In this Economy? How Money and Markets Really Work.”
For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.
This post was written by Luke Carberry Mogan.
I’m also curious to get your take sort of on a related note.
I mean, you’re a published author now, but you also disseminate your information through social media, including on tiktok.
I believe.
So, is it a problem if that um channel sort of goes away in terms of how you and other creators get your word out?
Uh If tiktok goes away, I think uh Instagram reels will step up, youtube shorts will step up, there will always be another social media platform to replace the ones that have uh stepped down or have been banned.
Um But yeah, I mean, I, I think that Tik Tok going away wouldn’t necessarily be a bad thing just because um there’s no fact checking on the platform.
And so you have a lot of creators who will post things that are blatantly untrue and there’s no consequence to that, right?
Are you already kind kind of like um I don’t know adjusting to the prospect of a possible tiktok ban.
Are you as just a creator?
Are you putting money, time effort into other platforms more like Reels, Instagram youtube?
Yeah, I, I wrote a book about, yeah, so that’s another platform.
Um But yeah, I mean, I think Instagram reels is great.
Uh I think youtube shorts, they’ve invested a lot of money and I have a newsletter and a podcast as well.
My whole um my whole approach to content has always been to do multimedia, to write, to have audio, to have video.
Uh So I’ve always tried to diversify even before the tiktok band became a conversation point.