Photo Credit: BoliviaInteligente
Despite TikTok’s lobbying efforts and a multimillion-dollar ad campaign opposing the measure, the forced-sale bill has officially been signed into law.
The Senate only recently voted in favor of the modified legislation – and a number of other measures – following the House’s approval over the weekend. And in keeping with past indications of support for the TikTok ban bill, President Biden promptly signed it into law just moments ago.
While the House had already given the green light to the TikTok ban bill before the weekend passage, the first vote was for an initial iteration that would have afforded ByteDance six months to divest from or shut down the video-sharing app in the States.
What happens after TikTok gets banned in the US?
In this comprehensive white paper, DMN Pro breaks down the likely winners and losers in the music industry over the short and long terms. The breakdown spans major and indie labels, publishers, songwriters, various artist tiers, and sync platforms. Now that Congress and President Biden have hit delete on TikTok, here’s where you’ll likely stand. (DMN Pro subscribers only, sign up here.)
As we reported, though, the newer version (which could technically apply to certain non-TikTok platforms as well) expanded the window to roughly nine months with a possible three-month extension.
Importantly, while the measure calls for ByteDance’s divestment from TikTok in the U.S., where the app has faced all manner of security-related criticism, the “ban” descriptor has come from TikTok itself.
In opposing the legislation and urging users to speak out against it, execs rather directly characterized the measure as an outright prohibition of TikTok. Part of ByteDance belongs to the Chinese government, and many have speculated that the tech conglomerate won’t allow TikTok to be sold under any circumstances.
(Nevertheless, notwithstanding TikTok’s massive price tag, the unprecedented logistical considerations associated with a deal, and the inherently fickle tastes of social media users, multiple groups are lining up to buy the service.)
More immediately, TikTok is now poised to fight the ban bill tooth and nail in court, according to multiple reports. Towards 2023’s end, a federal judge blocked TikTok’s ban in Montana.
Besides monitoring TikTok’s legal efforts in the approaching months, it’ll be worth keeping an eye out for other such regulatory initiatives from different governments.
In the European Union, for instance, TikTok is banned on official devices and continues to fend off far-reaching investigations.
Lastly, it goes without saying that the situation’s outcome will prove decidedly significant for the industry. TikTok, which boasts somewhere around 170 million stateside users, has emerged as a major promotional tool – and not just for Taylor Swift, who, despite Universal Music’s licensing dispute with the app, opted to re-add her music before releasing The Tortured Poets Department.
We’ve already taken an in-depth look at exactly what TikTok’s ban will mean for the industry, including artists, labels, publishers, and others yet. Meanwhile, it should be mentioned in conclusion that the National Music Publishers’ Association’s TikTok pact is set to expire six days from now.
