TikTok: Instagram's Only Real Competitor (Teens Love It)
For years it was thought that Chinese based technology could never become popular in the United States. With an incoming a wave of scandals disgracing the already bruised Facebook flagship, in comes TikTok to eat away market share from the social media giant.
What is TikTok?
Starting September 2018 in the U.S., TikTok‘s installs were greater than those of Facebook, Instagram, Snapchat and YouTube daily downloads. About one month later, it continued to increase its market share from around 30 percent to 42 percent of the downloads among the group of social media apps. TikTok remains in the Top 10 in the App Store as of December 2018, ahead of Facebook, Messenger and one spot below Instagram. This has now prompted Facebook to launch its own copycat called Lasso in an attempt to court the youth who have been fleeing from its flagship platform.
TikTok was launched in September 2016 by ByteDance, a startup valued at a whopping $78 billion. TikTok is a Chinese based social media app for sharing and live broadcasting videos that bares a close resemblance to the now defunct Vine and Musically apps (acquired by TikTok’s parent Bytedance in November 2017).
Why TikTok matters?
Move over Snapchat, TikTok takes the role as the emerging app of choice for younger users – the coveted demographic that’s been shifting away from Facebook. TikTok offers short videos with music, stickers, filters, and other special effects to an audience of 600 million global users across 150 countries.
Celebrities joining to TikTok is another indication of its continued surge, which continues to see massive waves of user additions. A report from SensorTower, an analyst group that focuses on the mobile market, that was released last month, suggests that TikTok has surpassed more than the projected $1 million in revenue in the U.S. in October 2018. It has also steadily ascended to the Top 10 of App Store since late September, according to SensorTower.
Even brands are now running influencer campaigns on TikTok. For example, Universal Pictures had influencers on TikTok promote “The House with a Clock in its Walls,” working with famous users like Gabby Murray, Rebecca Zamolo and Chris Kerr and Sharla May of “Our Fire” ahead of the movie’s launch in September 2018.
For the most part, these partnerships are coordinated by brands and the influencers themselves rather than TikTok being involved and taking a share of the revenue. And it isn’t linked to Facebook, Google or Amazon — which is frustrating for ad tracking but simultaneously intriguing for diversifying budgets in the global market.
Why will TikTok be around in 5 years?
Compared to 10 years ago, shiny objects in the form of consumer apps have been very sporadic. Example, Snapchat, launched in 2011, is struggling to maintain importance to big brands and agencies amid the dominance of Instagram and copycat nature of Facebook to smartly ward off any competitors.
If you’d like to hear how Megghross can help you use TikTok to grow your business contact us here.