Meta and Snapchat Agree That TikTok Is Leading Social Media’s Future

Video streaming is fast becoming the main source of information for most social media users, Some studies have shown that this is especially popular with Gen Z and Millenials. Even social giants Meta and Snapchat have taken notice of this fact and have even stated that social media's future might look like it is going to be dominated by TikTok. 

The CEO of Snapchat Evan Spiegel stated that users have taken to the spotlight feature which interestingly is Snapchat modeled after its competitor TikTok. And according to Mark Zuckerberg, the growth of TikTok is really impressive. And as the social media company grows so does the spending of consumers on the app globally. According to the statistics taken last year, TikTok users spent about $2.3 billion on the mobile app and this includes Douyin which is the other version of TikTok in China. According to Sensor Tower, this sum represents a 77% year-over-year increase from $1.3 billion in 2020. 

In Q4 2021, consumer expenditure on TikTok rose up to $824.4 million, which exceeded the $382.4 million that was earned around that time in 2020. Despite the fact that China continues to be TikTok's largest market when it comes to consumer expenditure, it has lost a significant portion of its share. 

In Q4 2021, Chinese consumers accounted for 57% of expenditure, while the App Store in China accounted for 85% of spending in-app in Q4 2020. 

The US remained TikTok's number two-income generator, with its percentage of expenditure increasing year on year. TikTok as well as numerous other Chinese applications, in June 2020 has been banned in China due to border tensions.  

Are you a TikTok fan? What do you think of its expansion, and where do you believe it will go next? Please voice your opinions in the comments section below.