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Money Talks from The Economist

Money Talks: TikTok’s ticking time bomb

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 6 July 2022

⏱️ 39 minutes

🧾️ Download transcript

Summary

It’s the fastest growing app in the world, filled with dance trends, cats misbehaving, and questionable financial advice. Teenagers love it; Western politicians are less convinced. Could TikTok’s popularity be its downfall?

This week, hosts Mike Bird, Alice Fulwood and Soumaya Keynes investigate just who is afraid of TikTok’s growing influence. First, our media editor Tom Wainwright unpacks the relationship between TikTok, its parent company ByteDance, and its Chinese twin, Douyin. Then, AB Bernstein’s Robin Zhu outlines just how big a threat the app poses to the likes of Facebook, Snapchat, and YouTube. Plus, Federal Communications Commissioner Brendan Carr outlines his concerns about TikTok’s ability to harvest user data. And we ask: how long before this ticking geopolitical time-bomb blows up? 

Correction: An earlier version of this podcast said that the Chinese Communist Party recently took a 1% ownership stake in ByteDance. It was Chinese state-owned enterprises who recently took a 1% stake in a Chinese subsidiary of ByteDance. Apologies. 

Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks 

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Transcript

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0:00.0

Money talks from the economist is sponsored by Invest Puerto Rico.

0:06.0

More than just a Caribbean paradise, Puerto Rico is a business powerhouse.

0:11.0

This U.S. territory is a fast-growing hub for innovators.

0:15.0

Puerto Rico boasts numerous tax credits, business incentives,

0:19.0

and world-class talent that take your business to the next level.

0:23.0

Find out why at InvestPR.org.

0:26.0

Gamechangers, welcome home.

0:30.0

To kick off this episode, we were all given homework.

0:41.0

To find a favorite TikTok video.

0:44.0

Look, this job is tough.

0:45.0

All I can tell you at the moment is that I absolutely hate the text to voice voice,

0:51.0

the robot voice that you hear reading the text out.

0:54.0

I hate it so much.

0:56.0

Why do they all speak in it?

1:01.0

I mean, they don't have our dulcet tunes to voice their videos, so maybe that's why.

1:06.0

My favorite TikTok is Billie Eilish trying to fit a ukulele into her mouth.

1:12.0

Do you guys remember when I was 15 and I fit?

1:15.0

An entire ukulele head in my mouth?

1:18.0

It is an extraordinary video.

1:20.0

So we see if I could do the joke.

1:22.0

I'm very much doubted, but I shall try.

1:26.0

And I'm a huge fan of all of the nonsense advice spewed forth on Fintok,

...

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