If there’s someone who hasn’t heard of it yet, TikTok is a social platform with a skyrocketing rise in popularity in the past few years. The enormous hype around it is mostly associated with Gen-Z’ers but is it just them that are enchanted with this app? Reports show that TikTok now “threatens” to become app number one globally and to make a presence on this platform a must for any brand or person.
And with TikTok continuing to expand a range of eCommerce options like sharing external links or in-app purchases it will soon become a significant platform for online shopping. We prepared 20 TikTok stats to show you how massive this market soon could be!
Stats facts you should know about the platform:
TikTok is owned by ByteDance, a China-based company, that launched an app for creating short-form videos called Douyin in 2016. Recognizing the app’s potential for growth, ByteDance decided to purchased Musical.ly and merge it with TikTok in August 2018, creating the hottest social platform of the moment.
#2: TikTok is the sixth-largest mobile app right now
Still having a long way to catch up with the largest players like Facebook, Instagram, and Whatsapp, but TikTok already managed to outshine some of the „old-timers“ in the social media game – Twitter, Snapchat, and Pinterest.
#3: The number of users is huge and rising!
According to a previous TikTok report stating that the number of monthly users in November 2018 is 680 million, Wallaroo gave an estimation of a staggering 800 million users in July of 2020.
#4: It rules the download charts
As reported by Sensor Tower, TikTok has recently joined Facebook, Facebook Messenger, WhatsApp, and Instagram in 2 billion downloads club. It is now the only app not owned by Facebook to break past this monstrous figure.
#5: TikTok sets a new record in downloads
The previous milestone is the result of a record-breaking number of downloads for any app in a single quarter – 315 million installs across the App Store and Google Play. The situation in which many countries were placed under lockdown and people adjusting to life indoors helped the app to hit new levels of popularity in the last several months.
#6: It spreads wide – worldwide, to be precise!
The rise in popularity and users led to being available globally – Tik Tok is now available in 154 countries and in 75 different languages which means advertisers on TikTok can reach the audience in every corner of the world right now.
#7: Currently it is the most valuable start-up in the world
Thanks to the explosive popularity of TikTok, ByteDance, TikTok’s parent company, now stands even stronger as the most valuable private startup in the world. Bloomberg reported that the China-based company was most recently valued at 100$ billion!
#8: TikTok is the place where Gen Z rules
Just as millennials fueled the rise of earlier social media platforms, Generation Z powers the growth of TikTok – currently 60% of all TikTok users are born after 1996. On top of that, Gen Z has tremendous buying power—an estimated $143 billion in the United States alone. No wonder why more and more retailers and brands are trying to find a way to win their dollars.
#9: Millennials are keeping up!
The astonishing growth and hype created by Gen Z users turned TikTok into a more mainstream app. Thanks to that, millennials are attracted to join in large numbers and stats confirm it: % of U.S.-based TikTok users age 18-24 fell from 41.1% in January to 35.3% in April. During that same period, the share of 25- to 34-year-olds rose from 22.4% to 27.4%, and the 35-44 demographic grew from 13.9% to 17.1%.
#10: Users are active
TikTok gives you limitless opportunities to create or enjoy content on TikTok. In favor of that goes an average of 52 minutes spent daily by TikTok users on the app. At the moment, Facebook is the only platform ahead of TikTok in this category with an average of 58.5 minutes.
#11: And can’t stay away from TikTok
TikTok rarely decides to brag with their numbers, but some stats originate directly from the company. According to the TikTok’s pitch deck sent to European ad agencies in November 2019, TikTok users, on average, open the app eight times per day.
#12: One country is way ahead in boosting the growth of TikTok
Users in the United States have spent about $86.5 million on the app, making it the second most important market for TikTok.
#13: The top 50 influencers have over 500M followers combined
And that’s more than 15% of the world’s population. Or, if you prefer numbers: 1,270,000,000 followers. Yes, followers do repeat, but this number is still amazing. Just like the attention TikTok stars attract.
#14: TikTok empowers collaboration
TikTok empowers users to become creators and praise someone’s else work, too! 63% of creators have liked someone else’s video and 43% have uploaded a “Duet” video.
#15: TikTok’s 2019 Revenue
App grossed nearly $177 million globally in last year – more than 5 times the figure in 2018. China is still the main source of transactions. The U.S. users contributed with 36$ million spent within the app last year.
#16: Estimations for 2020 even better
With the app taking off like a rocket in the U.S. same is expected to happen with the revenues coming from this country. TikTok is estimated to pull in $500 Million in revenue from the U.S. alone in 2020
#17: You can start advertising on TikTok with just $50/day
TikTok followed Facebook, Instagram, Twitter, YouTube, and LinkedIn, and set up its official paid advertising program. You can start a campaign for as low as $50.
#18: Hashtag Challenges are a powerful tool
And they are TikTok’s second name. There’s so many great examples of how challenges can raise massive attention and reach millions of people in just couple of days. TumbleWeed Challenge with 8,000 videos uploaded and 9 million views in 7 days is definitely a good example of this practice. And remember, you can create yours, but using the creative tools at your disposal and imagination to participate in existing ones can make you a viral, too!
#19: Even the biggest stars of TikTok are still within reach
If you decide to go for influencers instead of ads, you should know that TikTok influencers with 2.5 million followers could charge around $600-1000 per post, a lot cheaper options compared to Instagram stars with similar figures.
#20: Hiring influencers is a good investment on TikTok
By choosing a right one for your brand, you can make a huge reach and good money, too. According to Socialbakers, for every $1 spent on working with TikTok star you will get $6.50 in return.
The stats listed above should catch your eye on the rising importance of TikTok and convince you to consider this app as your next platform for building brand awareness. So, feel free to contact us and let us help you get the most of this app for your brand!