At the 2024 TikTok World product summit, the fourth of its kind, the popular video content and social media 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 scriptwriting and video production tools.
With the launch of Symphony, TikTok adds fuel to the social media battle as it catches up with companies like Meta and Google, which are also going all-in on AI-enhanced advertising.
TikTok is launching a new AI-powered advertising suite
To support the app’s short-form video content nature, often produced by influencers, the company has also removed the wraps from TikTok One. This new hub serves as a central destination for advertisers to find the app’s nearly two million creators and agency partners.
Earlier this year, the ByteDance-owned app shared information about the staggering number of companies it has supported through online shopping and educational content in an effort to avoid a possible US ban. Some of this information was reiterated at the summit: three in five (61%) users have made an online purchase through the app, while around half (52%) have explored car features, demonstrating TikTok’s influential position in taking of major purchasing decisions.
In addition to Symphony, TikTok uses machine learning to automate the pairing of brands with the right creative assets and audiences based on things like budgets and desired outcomes.
One day before the product updates, the company also launched the Change Makers Program, recognizing the efforts of 50 makers and donating $1 million to more than 30 nonprofits.
Despite the progress, TikTok continues to face uncertainty in the US, while governments and agencies around the world continue to express similar concerns.