Time's Up For TikTok

Today’s newsletter is 701 words: 3-minute read.

First up, an absolutely massive shoutout to the legendary GC Reddit community.

You guys sent our new subscriber stats to the moon this week.

Thanks 🤙

In today’s email:

• Time out: Massive TikTok exodus

• Online Retail: The Gold Coast hosts a major event

• Trending: Mental resilience

• Around the Web: A community you didn’t know about

📚 Need a read? We’re currently into Peter Thiel’s Zero to One.

Weekend weather (pretty much freezing for QLD)

1. One Big Thing: TikTok’s time up

What’s Happening?

TikTok CEO Shou Zi Chew just spent a week under the pump from US Congress members, fuelling the ongoing debate about the platform's data security and whether it should be banned entirely.

What even is a TikTok?

Simple.

It’s a wildly popular short-form video app and has recently come under intense fire for its ties to the Chinese Government.

Why’s it super bad?

They take heeeaapppss of data.

Not just your name and mobile number.

Here are all the ways it tracks you, which has governments getting serious.

Has the Australian Government blocked it yet?

Nope.

Australia is only now considering a ban on the popular social media app, potentially joining a growing list of countries with existing or potential restrictions.

But time is ticking..

These countries have already taken action on TikTok:

• UK: Banned TikTok from government mobile phones

• France: Banned TikTok on government-issued devices

• The Netherlands: Banned TikTok on government-issued devices

• Norway: Banned TikTok on government-issued devices

• US: Congressional hearing on TikTok's security and privacy concerns, a potential ban

• Canada: Issued orders prohibiting the use of TikTok

• Belgium: Issued orders prohibiting the use of TikTok

• Denmark: Issued orders prohibiting the use of TikTok

• India: Banned TikTok

• Taiwan: Banned TikTok

• Pakistan: Banned TikTok

• Afghanistan: Banned TikTok

• European Union: Banned TikTok on staff devices for the European Parliament, European Commission, and the EU Council

Socials Dependent

Many Gold Coast businesses rely on TikTok for advertising and customer engagement.

Not to mention the local ‘influencers’ like Ebony Basten here, who picks up $1,000 per video.

A total ban on the app could have significant repercussions for some in our city, as businesses would have to find alternative means to connect with their target audience and a large following.

What next?

Only time will tell…

But, taking a proactive approach will address national security concerns and minimise the negative impact on Gold Coast businesses that rely on the platform by encouraging them to diversify their social media dependencies.

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2. GC eCommerce

There was a major event on the Gold Coast 💻

What’s happening?

Retail Global by NRA (National Retail Association, not the mad-like-a-bat-out-of-hell American NRA) celebrates Australia's soaring online retail market at Gold Coast Convention and Exhibition Centre.

From Shopify to AfterPay, Amazon, Maropost, Mastercard and more, the whole lot showed up.

Why it matters

The COVID-19 pandemic turbocharged Australia's online retail sector, with the total shopping basket value skyrocketing to a staggering $63.8 billion in 2023.

Details

Aussies continue to embrace the convenience of digital shopping, accounting for 16.3% of total retail spending.

In 2022, an impressive 5.6 million households made monthly purchases.

With 37% of Aussies shopping online fortnightly, digital retail continues to grow.

What’s next

The Gold Coast is starting to punch above its weight, pulling in some sizey events.

Also, compared to the other capital cities, between having a super accessible airport, significantly lower rents and 10x better lifestyle, it’s by far and away becoming the tech and start-up hub of Australia.

Just think of San Francisco… but not quite there yet.

3. Trending

George Mack @george__mack

Peter Thiel on Pessimism. Gold.

4. Around The Web

Did you know this was the Gold Coast’s second-largest Reddit Community?

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