Meta, facing once again stiff competition from TikTok
Meta, aka Facebook, has struggled in 2022. According to an Investopedia post, Meta’s ad revenue grew 6.1 percent. In other words, it is the first time in ten years, that the advertising totals are the lowest in the past decade.
Part of the reason is TikTok’s short-form videos and the app's For You Page (FYP). In addition, the parent company of TikTok, ByteDance, will amass global advertising and surpass Snapchat. Snapchat was a popular destination for teens, and that has also changed.
By 2022, forecasters are expecting TikTok to triple its advertising. Naturally, these totals will be greater than the ad revenue combined by Twitter and Snapchat.
Facebook, Instagram, and WhatsApp are not enough for TikTok’s popularity
Even though Facebook has more users with combined users from all the apps. However, TikTok has already reached 1 billion users last year and has no signs of slowing down. TikTok’s value is estimated to be $140 billion to $353 billion.
As reported in the Investopedia analysis, the Atlantic Equities confirmed that short-form videos retain a greater proportion of time spent. Moreover, it is the first time Facebook lost 500,000 users, which brings its grand total to 1.93 billion.
What is silly about Facebook is having this fear over TikTok’s explosive growth. They still command a range of $82-$85 billion in ad revenue.
With all of its resources and marketplace power, Facebook has gone to great lengths by hiring a firm. The intent of their client is to characterize TikTok as a threat.
Geopolitical forces changing in the social media realm
The showdown between TikTok and Facebook is not the only phenomenon taking place. You heard, by now, that Elon Musk acquired Twitter for $44 billion. The premise behind Musk’s purchase is to guarantee free speech, yet that is subject to debate given his track record.
Finally, once upon a time, social media had no big rivalries between the companies. That’s because all the platforms were based in the United States, and Donald Trump’s efforts publicized the effort to ban it. All of this eventually lead TikTok to rise and become a force to be reckoned with.
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