TikTok, the Chinese-owned video-sharing app, has become the single most-used news source across all social media platforms among British teenagers, UK regulator Ofcom has said.
According to Ofcom's News Consumption in the UK 2022/23 report, the video-sharing platform is the favourite social media news source for 12 to 15-year-olds.
The study revealed that 28 per cent of teenagers are now turning to TikTok for news, followed closely by YouTube and Instagram, both at 25 per cent.
If we combine the reach of all BBC platforms, such as their TV channels, radio stations, websites, and social media pages, then the BBC reaches more teenagers overall.
This surge in TikTok's popularity for news consumption coincides with a recent UK government decision to ban ministers from using the app on their work phones due to security concerns.
The House of Commons and the Lords followed suit, banning the app across the Palace of Westminster.
ByteDance, the Chinese internet company that owns TikTok, has firmly denied allegations of data sharing with China.
Despite this, concerns remain due to Chinese intelligence legislation requiring companies to assist the Communist Party when requested.
Nic Newman, a senior research associate at the Reuters Institute for the Study of Journalism, highlighted that a significant shift is under way in news consumption habits, with more publishers moving on to TikTok.
“Publishers were initially reluctant to go into TikTok,” Mr Newman said. “But over the last 12 months, most major publishers have refocused their strategy, partly because of the risk of young people encountering unreliable news.”
According to Mr Newman, the rise of influencer news and the platform's ability to engage younger audiences, from comedians discussing free school meals to serious coverage of the Ukraine war, signify a “big shift”.
However, this change also presents a challenge due to TikTok's lack of a business model.
While teenagers are increasingly consuming news from TikTok, their trust in traditional sources remains higher.
Ofcom found that BBC One/Two were trusted by 82 per cent of teenage users, compared to TikTok's 32 per cent.
Instagram, Facebook, and Snapchat followed with trust ratings of 38 per cent, 41 per cent, and 31 per cent respectively, with Twitter standing out with a 50 per cent trust rating.
In terms of interests, younger teenagers were primarily interested in “sports or sports personalities” (23 per cent), “music news or singers” (15 per cent), “celebrities or famous people” (11 per cent), “serious things going on in the UK” (8 per cent) and news about “animals or the environment” (9 per cent).
Those aged between 16-24 demonstrated a clear preference for non-traditional news sources, with social media platforms dominating the top five most popular news sources. The list features Instagram (44 per cent), Facebook (33 per cent), Twitter (31 per cent), and TikTok (29 per cent), with BBC One (33 per cent) being the only traditional media source making the cut.
Nevertheless, Ofcom's report states that broadcast TV news maintains its position as the top news source among UK adults, used by 70 per cent. This percentage increases to 75 per cent when on-demand news content is included.
BBC One continues to lead as the most-used single news source across all platforms at 49 per cent, followed by ITV at 34v.
Among adults, TikTok's popularity as a news source is also growing, overtaking BBC Radio 1 and Channel 5 for the first time, with 10 per cent of adults using it for news.
TikTok (55 per cent) and Instagram (53 per cent) were most favoured for celebrity news, while Twitter led for breaking news (61 per cent) and political news (45 per cent). Local news was predominantly sourced from Facebook (59 per cent).
News from social media platforms received lower ratings for trust, accuracy, and impartiality when compared to more traditional sources.
One in ten 16-24-year-olds claims to consume no news at all, a figure that doubles when compared to the overall adult population.
The steady decline in print newspaper usage seems to have stabilised between 2022 and 2023, with 26 per cent of adults still accessing news via this medium.
This increases to 39 per cent when including digital platforms. The Daily Mail/Mail on Sunday and The Guardian/Observer remain the most widely-read print and digital news titles overall.
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
COMPANY%20PROFILE
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The specs
Engine: 2.0-litre 4-cyl turbo
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Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
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