Later this month, Snap and Instagram-parent Meta Platforms will reveal whether their digital ad businesses managed to rebound in the third quarter—or whether, as Wall Street analysts anticipate for Meta, the business has worsened. One mounting headwind? TikTok’s ad business. 

A recent U.K. filing for TikTok’s European business attributed its 477% growth last year in part to tools that increase the effectiveness of ads. On Thursday TikTok introduced more features and updates that could make it more attractive to brands, stepping up competition with Meta Platforms and Google, which are still far larger. 

At TikTok’s second product summit for advertisers in New York on Thursday, a packed crowd of attendees mingled as espresso martinis were passed around before the keynote presentation. 

Here are the highlights —as well as my take.