Turning TikTok into Profits: The Unexpected Business Boom on Social Media

TikTok content creators are anxiously observing how the Supreme Court will decide on a federal legislation that could prohibit the application in the U.S. or necessitate its sale due to national security issues. While TikTok is primarily recognized for the endless brief clips of users dancing or lip-syncing, for certain users, it represents a crucial component of their enterprises. The Charlotte Ledger’s Tony Mecia joins WFAE’s Marshall Terry to explore this and other local business developments in this week’s BizWorthy.

Marshall Terry: Alright, Tony, I typically associate TikTok and social media influencers like the Kardashians marketing upscale apparel or something similar. However, you engaged with more practical individuals in Charlotte utilizing TikTok for business purposes. What insights did you uncover?

Tony Mecia: We chatted with a realtor from Allen Tate located in Cornelius, who has approximately 75,000 followers on TikTok. She mentioned that last year, she successfully sold homes in the Charlotte area amounting to $13 million and discovered about 35% of her clientele through TikTok. Therefore, the potential discontinuation of TikTok could significantly impact how some individuals market their offerings. Various large corporations maintain TikTok accounts, and indeed, some major influencers would also face losses. Additionally, a cottage industry of social media advisers has emerged. All these individuals could be influenced if the app goes offline on Sunday as anticipated.

Terry: Are there any TikTok substitutes that these individuals can transition to?

Mecia: Well, it’s unlikely that anything can truly replicate TikTok, Marshall, but there are several well-established social media platforms. Obviously, there’s Instagram and YouTube. Moreover, there are some newer applications that have gained traction this week. One is another Chinese app called RedNote, and another is Lemon8. Both of these were trending in the Apple App Store earlier this week as users searched for alternatives.

Terry: Moving forward to a fresh report from Mecklenburg County’s Community Support Services Department indicating that evictions are skyrocketing. What’s behind this? I believed rent was finally decreasing.

Mecia: It’s accurate that rental prices in the past year or year and a half have stabilized in Mecklenburg County. They’ve perhaps dipped a bit. However, those figures remain elevated compared to a few years ago, and it’s possible that incomes aren’t keeping pace. Data reveals that eviction filings in Mecklenburg County surged by roughly 37% last year, reaching approximately 46,000, and housing is becoming increasingly unaffordable. About half of renters now allocate 30% or more of their income toward housing expenses.

Concerning rentals, the median rent in Mecklenburg County hovers just below $1,700 a month. That’s significantly higher than it was a few years back, and data indicates that those at the lower end of the income spectrum are dedicating a greater percentage of their earnings to housing than they did previously. Hence, we’re beginning to witness some consequences of these heightened housing costs.

Terry: Okay. It appears that a sense of déjà vu is occurring in Ballantyne. The Earth Fare grocery store there is scheduled to shut down at the end of the month. This has happened before, hasn’t it?

Mecia: Yes, Marshall, you might remember that back in February 2020, merely a month before the pandemic struck, Earth Fare declared bankruptcy, closed all its stores, and fundamentally missed out on a significant resurgence in the grocery sector. As everyone remained at home and required groceries, they restructured the company and reopened after COVID emerged. Yet now, many of these locations have closed once more. Earth Fare is shuttering its Ballantyne store, citing much stiffer competition in the grocery market, particularly in south Charlotte.

Terry: Transitioning from a closure to an opening — indeed, a revival. You reported that Carolina Actors Studio Theatre is making a comeback after a decade. Remind us why it initially shut down and what’s fueling this return.

Mecia: It was a local theater company that encountered some financial troubles. Known for its immersive and experiential theater style, it’s now being revived. They are collaborating with Actors Collaborative Theatre to produce a play titled “Alabaster,” which will commence at the end of February. Positive news for local theater enthusiasts.

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