The world of social media continues to storm the world with new types of content, media, and earning opportunities. From those who use it to socialize with their friends and family to those who influence communities and make money for that, social media is constantly growing and changing.
When it comes to TikTok, the platform has successfully managed to stand strong and fight against all the odds it faced in the recent past. Keeping in mind, that TikTok still has the largest number of users in Asia, the platform has considerably penetrated other regions as well.
Let us now take a look at some up-to-date facts and figures to better understand the platform’s current market standing:
Before we get into anything else that explains the platform’s performance soon, it is important to note the following key insights:
- According to Sprout Social, TikTok has over 1.5 billion monthly active users.
- Teenagers spend on average 2 hours a day on the platform.
- 15% of users have admitted to buying TikTok followers in the past.
- It is also highlighted that the platform experienced 45% growth compared to Facebook, Instagram, and YouTube this year.
- The source also reports that the platform is no longer only a Gen Z platform. It has expanded its audience demographics and now 47% of users are between the ages of 10 to 29.
- Along with that, a publication by eMarketer.com, the platform’s U.S market is still dominated by Gen-Z.
- According to SocialPilot, Bytedance, the parent company of TikTok will hit $400 billion in 2023 with a 500% increase in In-app purchases compared to the last year.
- SocialPilot also mentions that the platform also made 60% more revenue in 2021 and 42% of which now comes from the United States.
- Keeping this insight in mind, it is now quite evident that the platform is outperforming in the U.S. after huge socio-political conflict and resistance.
- The source also shares that most TikTok users with 2.5 million followers are charging at least $800 per brand mention and endorsement.
- To encourage market competition and provide small brands with a flexible way to promote their business, TikTok is also offering $300 to $2000 ad credits for advertising on TikTok.
- On the other hand, Statista reports that the platform’s 52.38% of users globally are between the ages of 18 and 24.
- When it comes to app usage, the average user spends 89 minutes per day on the app.
Keeping all these valuable facts and insights in mind, some industry experts are also expecting that TikTok users will grow by 18.3% in the U.S. this year reaching 89.7 million compared to Snapchat’s 89.5 million users in 2023.
We can conclude that if TikTok is performing at its best and can be assumed to be at the most appropriate inflection point that it needed to grow and build a strong market position. Regarding the users’ end, constantly expanding the user base with new and unique demographics is a big sign that reflects the growing demand for this platform. This combined with all the marketing and business development opportunities offered, TikTok will soon start giving tough time to other big social platforms globally.