TikTok’s advertising revenue from video sharing is likely to triple to more than $ 11 billion in 2022 (about Rs 83,620 crore), surpassing the combined sales of its rivals Twitter Inc and Snap Inc, according to research firm Insider Intelligence.
TikTok, owned by the Chinese company ByteDance, is one of the most popular social media apps in the world, with over 1 billion active users.
“TikTok’s user base has exploded over the past few years, and the amount of time users spend on the app is extraordinary,” said Debra Aho Williamson, analyst at Insider Intelligence.
Twitter and Snapchat are expected to generate $ 5.58 billion (about Rs. 42,500 crore) and $ 4.86 billion (about Rs. 36,990 crore, respectively) in advertising revenue by 2022, with the combined value still less than the $ 11 billion (about Rs. Rs. 62083, Rs. Crore) crore) projected for TikTok, according to the report.
Nearly $ 6 billion (about Rs. 45,670 crore), or more than half, of this year’s advertising revenue is expected to come from the United States, despite regulatory concerns about user data from the US being passed on to China.
In other recent news, TikTok’s large user base and minimal content filtering have apparently enabled the social app to be used to spread misinformation related to the ongoing Ukraine war. Several fake videos, live streams and misleading content were shared on the app with millions of views. TikTok agreed to double down on its efforts and partner with content checkers to reduce the spread of misinformation.
© Thomson Reuters 2022