TikTok Is Now a Major Competitor In The US
TikTok, the Chinese video sharing app, has spent billions on advertising and has come in hot in the US market, according to The Wall Street Journal. TikTok has spent nearly $1 billion in advertising on apps like Snapchat and Instagram to reach their desired market.
They have now become a major competitor to Snapchat and other social media apps. TikTok’s parent, Bytedance Inc., is now one of the world’s most valuable startups. It is valued at an estimated $75 billion and is expected to go public later this year.
Tiktok’s success lies in an interactive and addictive video interaction platform. The funky and lighthearted video creations are fun and easy to share. Large Chinese brands before Tiktok have failed to really break into the US market. Alibaba and Tencent Holdings that dominate the Chinese market have found it hard to break into the West.
Tiktok has become a surprise global contender for most monthly app downloads, competing with brands like Facebook, WhatsApp, and Instagram. Bytedance has considered further getting into the market by buying Snap Inc. or Twitter.