- Tram Ho
On Monday, TikTok announced that the social networking platform has officially reached the milestone of 1 billion monthly users. This is a memorable milestone for TikTok since it was launched to the public in September 2016. Although many countries including the United States have previously voiced warnings about the illegal data collection practices of ByteDance, the parent company of TikTok based in Beijing, the social network nonetheless still surpassing many competitors such as Facebook, Instagram, … to rise to become the world’s No. 1 social networking platform.
TikTok’s appeal has become more noticeable since the COVID-19 epidemic began to become serious in many countries. In the first quarter of 2020 alone, the TikTok app became the world’s most downloaded app with over 315 million downloads.
The chart shows the time it took for TikTok and Instagram to reach 1 billion users
Statistics from market research firm Sensor Tower also reveal that TikTok has raked in a total of 3.2 billion installs, which includes Douyin, the domestic version of TikTok released specifically for the Chinese market. The average monthly TikTok users in August 2020 grew by 25% compared to the same period last year. In June, the company ByteDance was valued at $425 billion.
As a trend, many social networking platforms such as Instagram, Snapchat or YouTube have launched a short video sharing feature to capture a part of TikTok’s market share. However, this has not stopped TikTok’s strong growth. A recent report revealed that TikTok users spend more time watching videos than YouTube users.
ByteDance and TikTok were among Chinese tech companies targeted by the Trump administration last year through a series of bans and blocking of apps from app stores. However, no order is in effect. In June, President Joe Biden signed an executive order rescinding Trump-era bans. Biden also directed the Commerce Secretary to investigate apps that are linked to rival countries like China and may collect sensitive data from US users.
Source : Genk