TikTok has posed a big threat to social media giants as they ranked no. 4 worldwide in downloads across iOS and Google Play in 2018.
TikTok is a social media app for creating and sharing short videos. Owned by ByteDance, TikTok was launched as Douyin in China in September 2016 and introduced to the overseas market as TikTok in 2017.
TikTok is quite similar to Musical.ly that was launched in 2014 which was acquired by TikTok maker ByteDance respectively. Existing Musical.ly users were automatically migrated over TikTok accounts.
TikTok said that it has over 500 million global monthly active users. The basic function of TikTok is that users can film videos of themselves lip-syncing or acting out sketches. Users can pick from a library of songs, effects, and sound bites to add to their videos.
After downloading TikTok, the user will immediately see curated featured videos, labeled “for you”. The user can switch to “following” to see videos from the people they follow – whether friends or popular “Musers”.
Michael Nathanson, an analyst from MoffetNathanson LLC said that TikTok’s ambitions appear large, especially after its parent company ByteDance raised $3 billion in funding in October 2018, counting Softbank as one of its investors.
According to Digiday, fifty percent of those who use the app on iOS were between the ages 13 and 24 and sixty percent are Android users. Analyst Nathanson addressed TikTok’s focus on teens saying they believe TilTok can pose a threat to Snap’s core user base.