At its 2024 TikTok World product summit, the fourth of its kind, the popular social media and video content app announced updates to its marketing tools to improve advertising efficiency on the platform and, unsurprisingly, AI took center stage.
The new AI-powered advertising suite, TikTok Symphony, offers all the usual benefits of generative AI, including tools for scriptwriting and video production.
With the launch of Symphony, TikTok is adding fuel to its social media battle as it catches up with companies like Meta and Google, which are also betting on AI-enhanced ads.
TikTok launches new AI-powered ad suite
To support the app's nature of short-form video content, often produced by influencers, the company also removed TikTok One. This new hub serves as a central destination for advertisers to find the company's nearly two million creators. application, as well as partner agencies.
Earlier this year, the ByteDance-owned app shared information about the staggering number of businesses it has supported through online shopping and educational content in a bid to avoid a potential ban in the United States. Some of this information was reiterated at the summit: three in five (61%) users made an online purchase through the app, while around half (52%) researched the car's features, highlighting the TikTok's influential position in making important purchasing decisions.
Together with Symphony, TikTok is using machine learning to automate matching brands with the right creative assets and audiences based on factors such as budgets and desired outcomes.
A day before its product updates, the company also launched the Change Makers Program, recognizing the efforts of 50 creators and donating $1 million to more than 30 nonprofit organizations.
Despite the progress, TikTok continues to face uncertainty in the US, while governments and agencies around the world continue to express similar concerns.
