Short video content app TikTok"s ad revenue will triple this year to more than $11 billion, which is more than the combined sales of social media platforms Twitter and Snapchat. TikTok has by far become the most popular app of its segment across the globe and various other social media apps have tried copying the short-video strategy - including Instagram Reels and YouTube Shorts.
The statistics were revealed by research firm Insider Intelligence. Twitter and Snapchat are expected to generate $5.58 billion and $4.86 billion respectively in advertising revenue for 2022. Both the revenues combined still projects less than TikTok"s $11 billion. If TikTok continues to grow at this rate, it will surpass YouTube and its projected $23.6 billion ad revenue in 2024.
Even after former president Donald Trump"s attempts to ban TikTok, the growth is quite eminent. More than half of its revenue is expected to come from the United States. TikTok has faced its fair share of challenges in the past few years: Donald Trump tried to get ByteDance, TikTok"s parent company, to sell its international operations to a US company, a group of state attorney generals launched an investigation into TikTok, and it was among the many Chinese apps banned in India two years ago.
Even after all the bad press, TikTok currently has more than 1 billion global users and continues to procure users from other social media platforms.