A Chinese app called TikTok has been climbing the app store charts around the world in recent months, especially in neighboring Asian countries. Think Instagram, except TikTok features 15-second clips of lip-syncs, dances, and skits. The app is an integral part of the global entertainment empire that Beijing-based Byte-dance is building. Here's a detailed look at TikTok's reach.
TikTok is a leading short video-sharing platform used by over 600 million users in over 150 countries worldwide. Starting in China in 2016, TikTok allowed users to share a 15-second video online. TikTok's parent company is Byte-Dance, which was founded in 2012.
To make ordinary people famous
The videos shared on TikTok are not only from celebrities, but rather from ordinary people. TikTok has given a chance to many ordinary people to become influencers. With over 50% of users under the age of 35. It provides a platform for young people to become celebrities and earn money.
Have fun in a boring time
It is hard to believe that the average daily usage time of TikTok is more than 1 hour. In some regions, the average daily usage time during the spread of Covid-19 even increases to more than 3 hours. Many people feel that TikTok has made their life happier with lots of creative ways to make videos and review videos. TikTok installs have been steadily increasing from 2016 to 2019.
ADVERTISEMENT REVENUE
As mentioned above, customers could ask TikTok to help them share a product link in their video to promote their product. TikTok makes money from shoppers' ad spending.
Virtual Coins Revenue
If the audience likes an influencer and wants to show their passion, they can buy virtual coins from TikTok and give virtual gifts to their beloved influencers. This is another income for TikTok.
Consumer side (audience): TikTok uses artificial intelligence to calculate what content will be most relevant to consumers. When a consumer uses an application, the consumer may not even have a preference. AI automatically acquires a large database of consumer behavior.
Producers (content creators) side: TikTok will help content creators create virtual videos by editing them with music, filters, and other enhancements.
FUTURE
Byte-dance, which competes with Alibaba, Tencent, and Baidu, has big ambitions to gain more influence in China and around the world. As one of the world's most famous Chinese apps, TikTok's mission is to inspire creativity and bring joy.
There are around 400 million daily active users of TikTok at the beginning of 2020. The average daily usage time on TikTok is via Taobao, and JD.com, because of the short video feature. With its user base and a long time of use, TikTok has the potential power to go into the payment industry, food industry, and online shopping. There are no limits for TikTok and Byte-dance in the future, especially with AI technology and lots of smart talent.
In the beginning, TikTok was very sophisticated in its paid media and user acquisition strategy, which led to its success on mobile devices. Users then spread awareness about the app. Additionally, signing up for an app is so different from any other app or what most product managers are used to.
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