Video-sharing app TikTok's advertisement revenue is likely to triple in 2022 to more than $11 billion (roughly Rs. 83,620 crore), exceeding the combined sales of its rivals Twitter Inc and Snap Inc, according to research firm Insider Intelligence.
TikTok, which is owned by Chinese company ByteDance, is one of the world's most popular social media apps, with more than 1 billion active users.
"TikTok's user base has exploded in the past couple of years, and the amount of time users spend on the app is extraordinary," said Debra Aho Williamson, analyst at Insider Intelligence.
Twitter and Snapchat are expected to generate $5.58 billion (roughly Rs. 42,500 crore) and $4.86 billion (roughly Rs. 36,990 crore), respectively, in advertising revenue for 2022, with the combined value still less than the $11 billion (roughly Rs. 83,620 crore) projected for TikTok, according to the report.
Nearly $6 billion (roughly Rs. 45,670 crore), or more than half, of this year's ad revenue is expected to come from the United States, despite regulatory concerns over user data from US being passed on to China.
In other recent news, TikTok's large user base and minimal filtering of content reportedly enabled the social app to be used to spread misinformation related to the ongoing Ukraine war. Several fake videos, live-streams, and misleading content was shared on the app with millions of views. TikTok did agree to double their efforts and partner with content checkers to reduce spread of misinformation.
© Thomson Reuters 2022
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