Billionaire 9x revealed the secret to helping Tiktok ‘rise like a kite in the wind’

Evan Spiegel – Snapchat CEO, one of the youngest self-made billionaires in the world, has revealed the secret to Tiktok’s explosive growth in recent years.

With more than 1 billion users per month, TikTok – the popular music video and social networking platform from China – has naturally become a force that makes many US social media companies feel “underdog”. .

“ Tiktok scares everyone, ” Scott Galloway, a professor of marketing at NYU Stern School of Business and co-host of the “Pivot” podcast with Kara Swisher, told Snap CEO Evan Spiegel at the Code event. Conference took place recently.

According to data from the Pew Research Center, TikTok is increasingly attracting younger people than Facebook, Instagram, YouTube and Snapchat. Even the Covid-19 pandemic has made the platform more accessible to older users in the US.

It is worth mentioning that, while the attraction of Tiktok is spreading throughout the US, in the opposite direction, social networking sites in this country are “banned” and strictly controlled by China. Journalist Kara Swisher commented, this makes TikTok seem to be “taking a piece of their cake”.

Politicians and many of the world’s leading media technology CEOs have expressed concern about the rapid growth of TikTok and even called for a ban on this video platform.

” The scale of TikTok’s investment is the biggest challenge for companies in the US and around the world ,” Snap CEO shared.

” No one can imagine that the amount of investment ByteDance poured into the US market in particular and Europe in general is so terrible. Because, no startup company can afford to invest billions of dollars to make a profit. It ‘s a completely different strategy than any other tech company, because it’s not focused on innovation, but on spending money to acquire a large number of users. “.

That huge number of users has helped optimize the content recommendation algorithm for Tiktok in a superior way. ” This helped Tiktok rise to the top position in a very short time. The platform has changed tastes and has a more personalized approach, thereby creating a habit for users to make services. It’s hard for other people to squeeze in ,” the CEO explained.

Spiegel also said Snap will compete with TikTok by continuing to focus on connecting with family and friends, rather than strangers – an approach he says is core to Snap’s success.

Meanwhile, Google CEO Sundar Pichai rates TikTok as one of the company’s newest and biggest competitors, especially for YouTube. He admits that competition in the technology sector is “extremely tough ” and is ubiquitous.

Democratic Senator Amy Klobuchar, the head of a tech antitrust bill targeting giants Google, Apple, Amazon and Meta, warned that TikTok could soon join this “powerful” group as well.

Meanwhile, according to Forbes , the biggest criticism at the Code Conference for TikTok probably came from Mathias Dopfner, CEO of Axel Springer, the publisher that owns news sites like Insider, Politico and Protocol. Dopfner described TikTok as the “most prominent” competitor in the media, content and creative industries and called for a ban on the platform.

“ TikTok should be banned in every democracy ,” Dopfner said. Do we allow them to play a dominant role in our free market economy? ”

“In the long run, we will see the consequences of this dependence,” he stressed. It will not only be the business consequences but also the major political factors .”

Even so, Dopfner admits he does not currently have an alternative. “ I can’t guarantee how long we can last. We’re probably at a point where we simply can’t afford it, because too many young users have already switched to Tiktok, ” he said.

Former White House spokeswoman Jen Psaki said that choosing Tiktok or not is a trade-off. According to her, although it can be troublesome to be monitored by this Chinese platform, ” not using TikTok is also a big obstacle “, because then, ” you are removing yourself from the global game “. .

According to Forbes