Facebook worried as TikTok set to eclipse Twitter, Snapchat ad share
TikTok's meteoric rise has baffled Meta
(formerly Facebook) as the Chinese short-video app is set to overtake the
global advertising share of micro-blogging platform Twitter and
photo-sharing platform Snapchat this year.
Moreover, TikTok is predicted
to catch up with Google-owned YouTube by clocking $23.6 billion in ad revenue
by 2024, reports The Guardian.
"Last year, it overtook the global ad take of Snapchat,"
the report said on Saturday.
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.
A TikTok user
spent 19.6 hours on average per month on the app last year, according to
data.ai, which is equal to Facebook which is
seeing its user growth stalled, and dwindling among the Gen Z and millennials.
While Facebook still has
2.9 billion monthly active users and Instagram nearly 2 billion and Meta
registered $118 billion in revenue last year, the Mark Zuckerberg-run company
is worried at TikTok's rise.
Facebook has
been losing users for quite some time while TikTok's usage is rising in the US.
Meta's recent earnings report said that Facebook's active users
dropped by almost 5 lakh at the end of last year.
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