It feels as though the power of social media is understated by some users and overstated by others. Striking a middle ground that respects the power of social media and ensures fair but firm regulation seems to be too much of a moving target for many global legislative bodies grappling with these companies’ immense technology, innovation, and power.
Mobile phones are mesmerizing pieces of equipment, and not everybody uses them just to sit and scroll aimlessly on TikTok all day. One sector that has expanded exponentially is the mobile gaming industry, whether it is casino gaming with slots games at https://thunderpick.io/en/casino/slots or free-to-play games like League of Legends, which have attracted millions of fans. Due to the immense rise in graphics quality and how people play mobile games, specific areas of the gambling industry, like the slot machine sector, have witnessed colossal gains.
TikTok and the casino industry have benefitted immensely from having the ability to create algorithms that engage the end user. With a million possible reasons to use your phone, if a company can grab your attention and focus, this is big business, regardless if you’re looking to unwind and play a slot machine game or watch some videos on TikTok.
Some critics have argued that the regulatory bodies are buying into hysteria and overplaying their hands. There has been a swathe of criticisms leveled at TikTok since, and there are currently several ongoing battles with individual US states concerning their stance on the top-rated social media app. The gambling industry is one of a handful of sectors that have felt the same regulatory power as TikTok is currently facing.
Most recently, California held a vote to legalize gambling in the State, which was voted down. Each different section of the United States has its legislation, a legislative minefield for many companies. Although lawmakers have established a clear legal framework for digital casinos, there are some places in America where gambling is completely outlawed.
TikTok can relate to this segmented legislative minefield as they are battling the State of Montana, which became the first jurisdiction to take sweeping, resolute action by banning the social media app.
Another critical thing that critics have highlighted is that the main culprit of dubious practices with large swathes of customer data has come from the American company Meta. For some, Facebook is the elephant in the room when Senators are discussing outright banning a social media app due to privacy concerns – but that’s not to say they aren’t without merit, either.
Although TikTok is a separate international entity from the original Chinese social media app designed in 2016, American Senators, particularly of the Republican variety, have expressed serious disdain and concern for how the app works and how many Americans have installed it on their own.
TikTok fired back immediately by stating the claims were baseless. Still, this rhetoric gathered some fairly significant momentum, culminating in an executive order that would have banned the entire app in early 2020 following a Presidential decree. However, a judge blocked it before President Biden revoked it once he moved into The White House.
TikTok’s multi-billion-dollar profit margins are set to increase further in 2023, even in light of the current Congress action in the United States. This is primarily down to big-money advertising that brings in serious revenue.
As the case against TikTok continues to heat up, and the social media giant has to spend more money and resources defending itself in court, this will invariably have a detrimental impact on its business outlook. However, TikTok is fast becoming a significant employer in the United States, whether people use it to advertise their products through influencers or promote their businesses with viral reels.
Despite the incredibly impressive profit predictions for the next twelve to eighteen months, the colossal company will also be asking itself how much it could have generated if it didn’t have the tremendous and overbearing power of the United States administration breathing down its neck.
It’s right across the West where TikTok is facing considerable condemnation and a robust and sharp stance from many of the world’s most prominent economies. For instance, politicians in Australia, the United Kingdom, and BBC employees have all been told to remove the app from their work devices. In addition, other countries, such as Denmark, have followed a similar protocol due to privacy and safety concerns.
The US Congress has taken the most decisive action out of all the major world economies by having the TikTok CEO answer questions about the app and how it works and trying to alleviate any privacy concerns. However, if the initial hearings are anything to go by, this will become a long and drawn-out process for TikTok, and it’s improbable that it will be over anytime soon.