As U.S. lawmakers weigh a doable TikTok ban, the ByteDance-owned short-form video app launched an economic impact report on Thursday. In it, the corporate touts the platform generated $14.7 billion for small- to mid-size companies (SMBs) final yr, and an extra $24.2 billion in complete financial exercise, supported by way of small enterprise’s use of TikTok.

As well as, it says that over 7 million U.S. companies depend on TikTok and that 224,000 jobs had been supported by small enterprise exercise on the platform in 2023. Of these, 98,000 jobs had been supported instantly inside SMBs on TikTok. The states with the most important impacts included California, Texas, Florida, New York and Illinois.

The examine was carried out by the economics forecasting group, Oxford Economics. It measured SMB exercise on TikTok, together with advert spend and ROI, and leveraged census knowledge and different measurements to come back to its conclusions.

Whereas a report of this measurement and scope couldn’t be thrown collectively in a single day, the timing of its launch is probably going not coincidental.

In March, a invoice that might ban TikTok handed within the Home of Representatives. President Biden mentioned he would sign it into law if it additionally passes within the Senate. Of concern to TikTok, is that the invoice gained bipartisan assist, passing the Home with a 362-65 vote, regardless of former President Trump’s change of place on the matter. The Trump administration had beforehand sought to ban TikTok, calling it a nationwide safety danger, however Trump now opposes a ban, saying that Meta would profit.

Meta is clearly getting ready for a doable future the place TikTok may very well be banned, if not spun out from ByteDance. On Wednesday, Fb was up to date to assist a brand new video participant throughout its social community;  it can advocate Reels, long-form and Stay movies, however default to exhibiting them in vertical format, as on TikTok.

YouTube and different short-form video platforms might additionally acquire elevated publicity if TikTok had been to be banned, and will pave the way in which for startups competing within the house, as properly.

TikTok’s financial report is a transparent try to make a case for why the app must be allowed to proceed to function, noting that $5.3 billion in tax income final yr was supported by small enterprise exercise on TikTok, together with as a advertising and marketing and promoting platform.

The corporate additionally offered quite a lot of case research the place enterprise homeowners declare that TikTok helped to drive gross sales, web site visitors, and different types of extra income.

Tying the ban to the app’s financial impression is a stable PR technique — particularly since a bunch of TikTok creators received a choose to efficiently block Trump’s TikTok ban in 2020 by saying it might have an effect on their skilled alternatives, like model sponsorships, and talent to make an earnings.

Although TikTok has been urging customers by way of in-app messages to name Congress to protest a ban, the invoice nonetheless faces a tougher path to move within the Senate — and extra so now that the Republican get together’s chief has reversed his place on the ban.