TikTok is a highly valued mobile app with over 2.5 billion installs. TikTok is a mobile app that amateurs and professional creators alike can use to add effects like filters, background music, and stickers to their videos, and collaborate on content and create split-screen duet videos even in different locations.
What is TikTok?
TikTok is a popular social media app that allows users to create, view, and share 15-second videos shot on mobile devices or webcams. With personalized feeds of quirky short videos set to music and sound effects, the app is notable for its addictive quality and high level of engagement.
KEY TAKEAWAYS
TikTok allows users to watch, create and share short videos online.
The app was launched in 2016 by Chinese tech company ByteDance. Now available in over 150 different markets, TikTok has offices in Beijing, Los Angeles, Moscow, Mumbai, Seoul and Tokyo.
The app has seen nearly 1 billion global daily users by early 2022.
Despite political pressure to make it work in certain places like the United States, it continues to gain popularity.
Understand TikTok
TikTok is a social media app dedicated to short-form videos created and consumed by users. The videos here are usually 15-60 seconds in length.
The format lends itself to entertainment and comedy. However, it is increasingly used for IT. So-called influencers who gain a steady following on TikTok offer snippets of advice and tips along with self-promotion. Beauty, fashion, personal finance and cooking are all popular topics for informational videos. Increasingly, the format is used to promote and sell products.
Launched in its current form in 2018, TikTok has joined the ranks of social media giants in record time. As of September 2021 it had nearly one billion active monthly users worldwide.
The 2022 Marketing Report predicts that TikTok will break three billion downloads worldwide, as well as users spending $3 billion across iOS and Google Play by the end of the year.
Like all social media companies, TikTok has been a constant target for vague concerns about the potential use or misuse of personal information collected about its users. The difference is that TikTok is mostly Chinese-owned.
TikTok LIVE allows users and creators to interact in real-time. Users 16 years of age and older can turn on Live and 18 years of age and older can send and receive gifts during Live.
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When did TikTok launch?
The name TikTok is named to suggest the short format of the videos. It was launched in September 2016 by Chinese startup company ByteDance, known there as Douyin. Its stratospheric growth in usage really began in late 2017, when it acquired a rival app, Musical.ly, and ported its 200 million account list to TikTok.
ByteDance was valued at up to $140 billion in mid-2020, based on a private sale of a small portion of the company. TikTok alone was said to be worth around $50 billion. It will become the world's most valuable startup, reports have revealed.
The business of TikTok
Marketing on TikTok is still maturing, but a growing number of agencies are interested in helping brands create unique content that gets clicks on TikTok. Conventional advertising that emphasizes a product's superior qualities does not work. Light, fun campaigns set to music hit the spot. The ultimate goal is to go viral on the site and inspire imitation by TikTok users.
Some successful marketing campaigns on TikTok:
The Chipotle restaurant chain ran a Halloween "burrito" coupon giveaway campaign that encouraged TikTok users to dress up for the holiday and post pictures of themselves. The campaign received over four billion views.
e.l.f. The cosmetics teamed up with some social media influencers to create an online reality show and competition called #eyeslipsface. 9.4 billion clicks on ad campaigns by July 2022.
NBA has signed up for an account and scored more than 15.8 million through July 2022.
Its aim is to increase global awareness of the NBA, especially among the youth.
TikTok has its offices in different locations. For example, TikTok has offices in Beijing, Berlin, Jakarta, London, Los Angeles, Moscow, Mumbai, Seoul, Shanghai, Singapore and Tokyo.
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Other sources of TikTok income
Like many other social media sites, TikTok also makes money from in-app purchases. Users can buy coins ranging from 99 cents to $99.99 and use them to tip their favorite creators on the platform.
According to a 2019 industry report, the company generated $80 million in revenue from in-app purchases worldwide. In the first quarter of 2019, user spending reached an estimated $189 million worldwide – 222% more than app revenue during the same period last year. That amount ballooned to more than $2.3 billion in 2021, helped, in part, by the COVID-19 pandemic, which has increased social media use amid lockdowns and other restrictions. As of June 2022, TikTok has generated an estimated $5.5 billion in lifetime gross revenue.
TikTok only started running display ads in 2019. Instead, brands open user accounts on TikTok and create and post mini-videos just like its users. They can pay to promote their videos to other users. The ultimate goal is to go viral and encourage takeoff to draw in a large audience for your brand message.
TikTok's user base
TikTok is one of the most popular social media apps in the world and is available in over 150 markets and over 35 languages. The app has seen over 3.5 billion downloads worldwide, making it one of the most popular apps of all time.
Here's a breakdown of some of the app's most notable demographics:
43% of users are between 18 and 24 years old.
56% are women.
About 136 million active users are from the United States.
Users spend an average of 46 minutes a day on TikTok.
TikTok and politics
Like most social media sites, TikTok is not immune to controversy. TikTok and many other Chinese-made apps were banned in India in mid-2020 as a threat to the country's sovereignty. The move comes amid rising tensions between the two countries.
Tiktok is banned in Bangladesh. It was briefly banned in Indonesia for "pornography, inappropriate content and blasphemy". The ban was lifted a week after the company promised to remove all objectionable content from the platform and set up a local office to monitor and sanitize content.
In February 2019, the company paid $5.7 million in the United States to settle allegations that it illegally collected personal information from children. This is the largest civil penalty ever obtained by the Federal Trade Commission (FTC) in a children's privacy case.
TikTok and the Trump administration
Beginning in July 2020, then-President Donald J. Trump launched a public attack on TikTok, threatening to ban it from the United States on the grounds that the Chinese Communist Party could use data collected from its users to spy on American citizens. He claimed that TikTok would be sold to US interests to eliminate the threat.
Concerns over social media companies' use and misuse of personal information is a bipartisan issue in Washington, so the concern has gained some traction However, by September 2020, Trump announced that he had resolved the issue. TikTok's US operations will be spun off from its Chinese owner ByteDance and incorporated as a US company.
The proposed deal would create a new spinoff company, TikTok Global. Oracle will own a 12.5% stake in the company and become its cloud provider in the US.
This may be intended to allay concerns that China is using TikTok to collect information on Americans, but apparently, the actual change is minimal. TikTok data on US users is always kept in the US, so it's just moving from one cloud to another.
Meanwhile, Walmart has tentatively agreed to buy a 7.5% stake in TikTok Global. It also plans live-stream shopping events hosted on TikTok. The remaining 80% will be owned by ByteDance.
The tentative deal has been stalled by numerous court challenges, and the future of the proposed deal under the Biden administration remains uncertain. During a White House briefing on February 10, 2021, Press Secretary Janet Psaki denied that President Biden had set any new policies on the app.
"So suggesting a new proactive move by the Biden White House is not correct," Psaki said. "I would note, broadly speaking, that we are broadly assessing... risks to US data... including TikTok, and we will address them in a decisive and effective manner." Psaki declined to set a timetable for when such a review would be completed.
Which company owns TikTok?
TikTok is majority owned by ByteDance, a Chinese technology company. In late 2020, after pressure from the Trump administration, ByteDance agreed to create a new company, TikTok Global. In this proposal, ByteDance will continue to own 80% of TikTok Global, with Oracle and Walmart as minority owners and US partners. The deal has been put on hold by the Biden administration until February 2021, according to the Wall Street Journal.
How do I invest in TikTok stock?
TikTok is not publicly owned (privately owned 100% by ByteDance) and the previous agreement to make TikTok Global is stuck. This includes any plans to issue an IPO.
Is TikTok a publicly traded company?
TikTok is not publicly owned until May 2021. Stay tuned for an IPO announcement for TikTok Global.
Is TikTok banned?
Until 2022, TikTok is banned in India and Pakistan. It was briefly banned but recovered in other countries, including Indonesia and Bangladesh.
It was threatened in 2020 by then-President Donald Trump to ban it in the US, but backed off after a deal with owner ByteDance to spin off TikTok Global, TikTok as a separate entity with minority ownership by US companies Oracle and Walmart.
When did TikTok come out?
TikTok was first released in September 2016.
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