Trending

Stories

TikTok Will Rule Social Media in Future, Agree to Meta, Snapchat

Must Read

As more and more people, especially the millennials and Generation Z, watch videos on social media, both Meta (now formerly Facebook) and Snapchat have indicated that the future of social media looks more like the Chinese short-video-making app TikTok.

In an earnings call, Snap CEO Evan Spiegel said that less time is being spent watching Stories from friends on Snapchat.

Also Read

Instead, Snapchat users are increasingly moving to watch videos on Spotlight, a TikTok feature and Snapchat rival.

“This is a continuation of the trend we have observed throughout the pandemic, and friend story posting and viewing per daily active user have not returned to pre-pandemic levels,” Spiegel told the analysts late on Thursday.

“While we are hopeful our community will in time return to the friends story behaviours that we observed prior to the pandemic, we are focused on innovating on our content offerings to better serve our community today,” he added.

Earlier, Meta CEO Mark Zuckerberg said that TikTok is growing fast.

“People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,” he said during Meta’s earnings call this week.

The global consumer spending in TikTok has only continued to grow. Users spent approximately $2.3 billion last year on the mobile app, which includes the iOS version of its Chinese localization Douyin.

This figure represents 77 percent year-over-year growth from $1.3 billion in 2020, reports Sensor Tower.

Consumer spending in ByteDance’s short video platform reached $824.4 million in Q4 2021, more than double the $382.4 million generated during the same period in 2020.

Although China remains TikTok’s largest market in terms of consumer spending, its share has diminished significantly.

In Q4 2021, 57 percent of spending came from Chinese users, whereas China’s App Store represented 85 percent of in-app spending in Q4 2020.

The US maintained its rank as the number two revenue-generator for TikTok, with its share in spending growing Y/Y.

In June 2020, the Indian government banned the popular short-form video app TikTok along with several other Chinese apps amid border tensions with China.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot
Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech