Growing acceptance of TikTok, worries Facebook and Youtube
By MYBRANDBOOK
Growing acceptance of TikTok is going to give stiff competition to YouTube by 2024. The Chinese-owned video platform is set to overtake the advertising scale of Twitter and Snapchat combined, despite TikTok being launched globally 12 years after its Google-owned rival. TikTok, which was banned in India in June 2020 along with several Chinese apps in the first lot, is likely to triple its global worldwide ad revenues $11.6 billion this year -- more than $10.44 billion for Snapchat and Twitter combined. The forecast is going to catch up with YouTube by 2024 when both are predicted to take $23.6bn in ad revenue, reports The Guardian.
In 2021, social video app TikTok had approximately 78.7 million users in the United States. This figure is projected to increase by around eight percent year-over-year, reaching 84.9 million users in 2022. TikTok is one of the fastest-growing social media apps in the United States and especially popular with younger digital audiences. Meanwhile, TikTok emerged as the top grossing non-game app in Q1 2022, generating $821 million in consumer spending in the quarter.
On Google Play, it came second to Google One, which topped the chart with nearly $250 million, according to Sensor Tower. A Washington Post report late last month claimed that Meta allegedly paid a prominent Republican consulting firm to malign TikTok. According to the report, Meta ran a nationwide campaign to sow distrust about one of the company's top competitors, TikTok.
Facebook has been losing users for quite some time while TikTok's usage is rising in the US. An estimate says, that TikTok has about 80 million monthly active users in the United States. 60% are female, 40% are male. 60% are between the ages of 16-24. The company is winning the battle for the “sweet spot” of social media users, those in the 18- to 25-year-old demographic where Facebook is seeing its biggest declines, with parent company Meta trying to stem the exodus by attracting them to stablemate Instagram.
Mark Zuckerberg’s Meta still dominates the market – Facebook has 2.9 billion monthly active users, and Instagram another 2 billion, with Insider Intelligence putting their 2024 ad revenues at $85bn and $82bn respectively. Even so, it emerged last month that fear of TikTok had led it to hire a lobbying firm to paint the company as the “real threat, especially as a foreign-owned app. Meta clearly sees itself in a battle against TikTok for the hearts, minds and attention spans of millennials, a significant chunk of the social media market.
Experts say TikTok is the one growing fastest right now, and has scale. TikTok users spent $840m on its virtual “coins” currency, which can be used to “tip” creators and promote videos, in the first quarter – up 40% year on year. It is estimated that TikTok is now the most lucrative app in the world for in-app purchases.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
INFOSYS TECHNOLOGIES PVT. LTD.
LAVA INTERNATIONAL LTD.
BEETEL TELETECH LTD.
SECUREYE SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : NANDAN NILEKANI
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies...
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
PARTNER SPEAKERS
PSU
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
