TikTok’s rapid rise has surprised Meta, which used to be Facebook. This year, the Chinese short-video app is expected to overtake the global advertising share of Twitter and Snapchat.
The Guardian also says that by 2024, TikTok will have made $23.6 billion from ads.
According to a report released on Saturday, “last year, it took over the world’s ad market from Snapchat.”
This year, TikTok, banned in India in June 2020, is expected to triple its global ad revenue to $11.6 billion. That’s more than $10.44 billion for Snapchat and Twitter together.
Last year, TikTok users spent 19.6 hours a month on the app on average, the same amount of time as Facebook, which is losing users and becoming less popular with younger people.
It doesn’t matter that Facebook still has 2.9 billion monthly users, Instagram has almost 2 billion, and Meta made $118 billion last year. TikTok, on the other hand, is a big problem for the company run by Mark Zuckerberg.
As TikTok’s popularity grows in the United States, more and more people are leaving Facebook.
During Meta’s most recent earnings report, they said that Facebook’s number of active users dropped by almost 5 million at the end of last year.
People spent $821 million in Q1 2022 on apps other than games, making TikTok the top-earning non-game app of the time.
On Google Play, it came in second to Google One, which took the top spot with nearly $250 million, Sensor Tower says.
A recent survey of teens said that TikTok and Snapchat are the two most popular social media platforms for teens, with Instagram in third place and that Instagram is the third most popular. Only 3% of teens said they liked Facebook more than any other site.
Last month, a report in the Washington Post said that Meta allegedly paid a well-known Republican consulting firm to say bad things about TikTok.
The report says Meta ran a nationwide campaign to make people think TikTok was bad.
When a company called Targeted Victory planted articles and letters to the editor against TikTok in major newspapers across the country, the report said that they were against the app.