TikTok: Will It Chew Through a Zuck Tendon?
May 19, 2022
We had to know this day was approaching—TikTok seems set to surpass the competition. According to India’s DaijiWorld, “Facebook Worried as TikTok Set to Eclipse Twitter, Snapchat Ad Share.” The article cites a report from The Guardian as it shares some statistics:
“[TikTok] is likely to triple its global worldwide ad revenues $11.6 billion this year — more than the $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 [5 hundred thousand] at the end of last year. Meanwhile, TikTok emerged as the top grossing non-game app in Q1 2022, generating $821 million in consumer spending in the quarter. … A latest teen survey claimed that TikTok and Snapchat are the two most popular social platforms among teens, with Instagram at the third spot. Just 3 per cent of teens said they preferred Facebook.”
As evidence that Meta (formerly known as Facebook) is concerned about TikTok’s growing success, the write-up points to a report from the Washington Post. Its article alleges the company paid consulting firm Targeted Victory to disparage its rival. The firm is said to have strewn opinion pieces and letters to the editor slamming TikTok in newspapers nationwide. We’d bet that effort cost Meta a pretty penny. Allegedly. TikTok might bite Zuck’s ankle and then the Achilles’ thing.
Cynthia Murrell, May 19, 2022
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