The Big Opportunity of Tik Tok. Blink and You Miss It
Park Chang-woo, founder and CEO of multichannel networking firm Soon Ent, said businesses should not misunderstand TikTok and should seize opportunities the platform presents.
Speaking at The Korea Herald’s Global Business Forum, Park emphasized that TikTok, a short-form video hosting service owned by Chinese company ByteDance, is more than an alternative to video-streaming juggernaut YouTube. YouTube focuses on creating intellectual property, while TikTok is closer to a social networking platform, Park said.
The level of interaction between creators and followers and followers’ engagement sets TikTok apart from other video platforms, according to the CEO. Singer Zico’s “Any Song” challenge video was viewed 450 million times and garnered 1.5 million new videos that copied the original within three weeks, he said.
The high level of engagement, combined with the influence that content creators have, has changed how people make purchases. “Customers usually know what they want and search for it, but on platforms like TikTok you want to buy products that influencers are using and quite often make an impulse buy,” Park said. “A high volume of impulse buys could result in a high rate of return, but the sheer volume of e-commerce that occurs that way presents a new way of e-commerce,” Park noted.
Backed by the growing influence of content creators, Park said many businesses are rushing to collaborate with creators even when their target customers are not those in their teens and 20s, as more users in their 30s and 40s join the video platform.
“So even if you’ve had an established business for decades, it is worthwhile to check out and grab opportunities on platforms like TikTok,” Park recommended.
Park is a former producer with 20 years of experience. In 2016, he founded a performance production company, but saw an opportunity when two of the company artists began gathering followers exponentially at the end of 2017.
The company now has 85 content creators under its roster who together have 310 million followers. Out of the still-growing roster, eight content creators are in the top 20 ranking on TikTok in terms of follower numbers in South Korea.
Ten Korean content creators have more than 10 million followers, including No.2 Won Jeong, with 44.1 million users. While BTS has the most total followers-- many international.
Source: ICHEON, Korea Herald (June 24)
Buckwheat noodles is a summertime staples in Korea. When the scorching weather makes you lose your appetite, it is hard to resist the slurpable noodles that can be served either hot or cold. Known for their unique texture, buckwheat noodle lovers seek dishes that ditch the heat for added flavor. Read here to discover the interesting ingredient and a recipe to add into the mix!
Incense burning has been practiced in Korea for centuries. In the 8th to 14th centuries, incense burning was an essential part of Buddhist rituals. As early as the start of this century, incense was primarily used only for special or ceremonial occasions. Today, it is used for meditation, yoga or “mung” (the Korean word for a trance-like state) sessions. Discover more here.
Best Unique Gifts for Any Occasion: Inbebo Guide To Winning at Gifting. How many of us have accepted an invitation to gatherings where a gift was needed? Unlike other gift shops, we opt for uncommon goods that give us a sense of wow! Because gift-giving is an experience best shared.
Eaten at the beginning of summer, bamboo shoots have many health and wellness benefits to the body. Such as a slow down the aging process, prevention of constipation and hypertension, and assists in detoxifying the body. Read more for a recipe to add Bamboo shoots to your menu routine!