Nearly half the UK population, more than 30million people, use TikTok on a monthly basis, according to the latest figures released by the social media platform.

TikTok reports that there are now over 1.5million British businesses on its platform, supporting economic growth. SMEs on the social media channel contribute an additional £1.6billion to the UK economy while supporting 32,000 jobs, according to a separate study by Oxford Economics research.

TikTok says it is continuing to invest in the UK, expanding its operations with a new London office and growing its UK workforce to 3,000 employees this year.

Earlier this year, Scurri‘s research showed 90% of mid-market retailers believe social commerce is democratising the retail sector, allowing smaller brands to level the playing field in reaching and growing new audiences. TikTok reports SME business owners on its platform are more likely to be entrepreneurs under 30 or from diverse backgrounds compared to the average small to medium sized business.

“What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety,” commented Presser.