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With over 170 million TikTok users facing a potential ban in the U.S.<\/a>, the ByteDance-owned social \u201cMore than 200 The update builds on the United Kingdom\u2019s recent advertisement<\/p>\n advertisement<\/p>\n According to Oxford Economics, the operations of small and medium-sized businesses on the platform added \u20ac4.8 billion [or about $US5.6 billion] to the In the U.K, which comprises TikTok\u2019s largest user market in Europe, Per Beyond TikTok\u2019s growing impact on the EU\u2019s economy, the company also highlights the app\u2019s growing cultural relevance overseas, with However, with more European regulators posing challenges for the social media company — including the U.K.
\nmedia company has announced that its user base in Europe is steadily growing, with 5 million more active users compared to this time last year.<\/p>\n
\nmillion people across Europe now come to TikTok every month,\u201d the company said on Monday, adding that this number is approaching \u201ca third of the population of the continent across the
\nEuropean Economic Area (EEA) and the U.K.”<\/p>\n
\nannouncement regarding TikTok\u2019s impact on European
\neconomies<\/a>.<\/p>\n
\neconomies
\nover 1.5 million British businesses bring in \u00a31.6 billion to the U.K. economy ($US2.17 billion), while TikTok itself employs 3,000 U.K. employees.<\/p>\n
\nTikTok\u2019s increased usage in the region, Statista estimations show that by 2028, the social app\u2019s active users in the EU could reach 192 million, with higher adoption rates in Germany and
\nFrance.<\/p>\n
\nengagement boosts in reading and book-selling, arts initiatives, and the app\u2019s\u00a0dedicated STEM feed<\/a>.\u00a0<\/p>\n
\nlaunching privacy probes into TikTok\u2019s data practices, or the European Commission banning specific content on the app — TikTok\u2019s announcement harkens back to the company\u2019s previous
\nattempts to prove its positive economic impact in the U.S. following the federal government\u2019s selloff bill.\u00a0<\/p>\n