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
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
SAMSUNG INDIA ELECTRONICS LTD.
PRAMA HIKVISION INDIA PRIVATE LIMITED
SAMRIDDHI AUTOMATIONS PVT. LTD.
VEHERE INTERACTIVE 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...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
PARTNER SPEAKERS
PSU
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
