Since its launch in 2016, TikTok has shown unprecedented growth, becoming one of the most widely used social media platforms in the world. The short video became so attractive to the global audience that TikTok became the most downloaded application in the first quarter of 2022. Once again, the Chinese app has beaten Meta apps to the top. The Guardian also reports that the short-video app is forecasted to generate $23.6 billion in ad revenue by 2024. For more trending news about social media, follow the GBC Time website.
As seen from the research by SensorTower, TikTok has become the top app for downloads globally. It has also become the most downloaded app on App Store, beating Google’s YouTube and Meta’s WhatsApp to the top place. On Google Play, however, Meta-owned Instagram and Facebook have the highest download numbers.
Record-high in-app spending is the other highlight for TikTok in Q1 2022. According to data.ai, the application has generated $840 million in revenue in the first three months of 2022. 60% of these profits, however, come from the Chinese version of the app – Douyin. TikTok has also become the top-grossing application, overcoming even YouTube.
Considering such high rankings, TikTok presents a strong competition to the social media giants like Meta, YouTube, and Twitter. While the active audience of TikTok is only growing, Facebook has been losing users for some time now. The average user spends around 19.6 hours a month on the video platform. TikTok’s engaging algorithms also make it more attractive to the Gen Z audience than other competing apps.
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