When Tiktok first entered the market it would not have been a surprise that people would have conceived it as the Tiktok song by Kesha but it’s no way connected to it.
Tiktok has become a common name on the lips of Gen Zers because this generation wants to get everything quickly and with the help of Tiktok they can get that fame and make a name of themselves.
TikTok has surely changed the social media game ever since it started trending. Also, TikTok has about 1.5 billion downloads worldwide and is one of the fastest-growing social media applications.
So what is the fuss regarding this application all about?
Okay, so starting with basics just to give knowledge what Tiktok is all about. The concept happens to be a pretty simple one. The TikTok app allows users to create 15-second videos, soundtracked by various music clips. It is known as Douyin in its home market, was launched in China in September 2016. It was pushed out globally as TikTok the following year. The parent company happens to be ByteDance which is also China-based. In November 2017
Also read: The Meme Effect
Acquisition of Musical.ly
ByteDance acquired the popular would-be rival app Musical.ly app for a reported $1 billion and thus TikTok was merged with Musical.ly. Users use the app particularly to create, share, and view content based around lip-syncing, dancing, comedy skits, and other physical activities. Clearly, this is something that appeals to young people (and quite a few older ones) around the world because the positioning of this application has been done for entertainment purposes which makes it different from other social media applications.
Is there anything for brands to market over this platform?
TikTok has 500 million active users worldwide. It’s interesting to point out that 150 million active daily users are in China, which mostly uses the Chinese version of the app, called Douyin. In recent years it has been the world’s most downloaded application. If statistics truly hold them it won’t be wrong to call that Tiktok happens to be third most popular non-gaming application and only WhatsApp and Facebook are ahead in this race.
What does the data of GWI say?
As per the data of GlobalWebIndex it has been seen that around 40% of users happen to be in the age group of 16-24. The target audience had been set out from the very beginning and till now the company has been successful in catering to their needs. With the rise of TikTok downloads, it became inevitable that celebrities and high-profile people would take an interest in the platform. Having celebrities over the platform will also help in triggering the growth.
Growth in hours spent in Tiktok outside China
TikTok is available in 155 countries and it is a surprise that India is leading the race when it comes to the user base and people have been more obsessed compared to their counterparts-China. According to the data of Sensor Tower,” In 2019 alone (as of November 2019), India was responsible for 277.6 million downloads, which make up almost half (45 per cent) of the number of downloads in the entire year.” Second to India happens to be China followed by the USA. More and more companies are looking forth to advertise on Tiktok and it seems to be carving itself as a place which different brands can target for marketing and it even seems logical keeping in mind the total users it has got.
2019 Application Download Worldwide
Is there any serious business behind it?
The main thing that would strike a person who is inclined towards the business side that how much are they earning or are they even earning. The fact happens to be that the company is in its initial stages of revenue generation. Last year only they started with the advertisement on their platform. Before advertisements had rolled out their source of revenue from in-app payments of digital gifts and emojis.
Now switching to the number side just to see how much is actually coming in the pockets of the company. According to the data from the app tracking firm Sensor Tower generated $176.9 million in revenue in 2019—71% of the total $247.6 million in revenue the app has ever generated.
Has the company been under threat from other companies?
At the present moment, Tiktok is sitting at the top comfortably since the competitors are not able to give that sort of competition. Musical.ly was being seen as the probable rival but before the rivalry would start it had been acquired by Bytedance which worked as a gateway to the US market as well. After the merger and is a global hit, even Facebook tried to copy the same concept by bringing its own application name Lasso but it has not been to make a name of itself in the market.
Although there are other competitors like Vigo video, Like, Dubsmash and a few more. None have seemed to provide a threat to Tiktok. When speaking of this industry it’s Tiktok whose name prevails on the lips of the masses.
For the rise should the issues be ignored?
The application’s popularity cannot be ignored. But we cannot deny the fact that the content creators have created the biggest troubles for the platform. The app faced strong backlash because of some incidents that showed the platform in poor light and resulted in India. Joined by the growing list of countries — including Bangladesh and Indonesia — where the app faced being banned.
The heat, increased
The move increased the heat on TikTok which had previously been under the scanner for incidents that had led to increased calls for bans against it. Indian legislators cited fears around child pornography. While the ban was eventually lifted by the Supreme Court of India. The ban did leave TikTok suffering major monetary losses and reducing the rise of TikTok. It even came under the scanner in the UK for its handling of its young users’ personal data. However, more crucially, it lost the momentum it had been building up over the last few months. e
What lies ahead for the rise of Tiktok?
TikTok announced a partnership with on-demand video player iFlix in 13 countries in Southeast Asia. This is TikTok’s first attempt to rise and reach an audience through an over-the-top video player. Recently, TikTok even ran a talent contest entitled All-Star Southeast Asia to keep their users engaged in bringing quality videos.
TikTok for e-commerce
TikTok has concentrated more on expanding its user base than on offering opportunities for e-commerce. If the goal of TikTok is to rise and keep growing, it needs to attract more people who are no longer in their teens, and it will need to hold their attention. TikTok content will soon become more mature. As seen with Douyin, which now contains micro-vlogs, life-style content, business advice and even Fictional mini-dramas have begun to appear. Selected users on Douyin can upload videos as long as five minutes.
Authors take on the rise of Tiktok
Just like a coin has two sides, in the same manner, some people might consider Tiktok as a godsend. Others might just consider it as worthless. Tiktok played it smart when it came to their positioning of the product. They had set their target group from the very beginning and even when it came to merging with Musical.ly. The application should not be seen as any other social media application rather it happens to be an entertainment application. Leading to the rise of TikTok
The concept happens to be similar to that of Vine which was the first to sow the seeds of such a concept. But Vine couldn’t succeed in the long run and in the end had to be shut down. Challenges are, of course, are a part of any app that aspires to find dominance in the market. In India, Zee is planning to enter this industry. Coming to controversies, problems come and go, the rise of TikTok certainly belongs to that category. With the increase of internet penetration and the idea being more appealing to the masses one thing is sure that Tiktok is here to stay for a long period of time