How TikTok Is Eating up All of Social Media
Since the start of the pandemic, there has been one app that has taken over Social Media. Tiktok is the most downloaded app in the App store & despite being the new kid on the block, the Chinese company is breaking records that the incumbents could only dream of.From launch to a billion users, Tiktok only took half the time that Facebook did to get there. It’s insane!The company has proven that it can grab attention like no other social media company - But can it also win the advertising dollars that make Facebook and Instagram the 100 billion dollar behemoths they are today?3 Ways Tiktok is Changing the Business Model in America: Advertising: inviting brands to work with creators to make potentially viral content, such as skateboarders swigging Ocean Spray juice to the sound of Fleetwood Mac.E-Commerce: TikTok now enables viewers to buy goods directly by tapping a shopping tab on a video. It has teamed up with Shopify, an e-commerce platform, to bring more merchants to the siteSocial Commerce (Way bigger in China - Douyin kills this game)Ticketmaster and Tiktok partnerCreator Economy Growth: Tiktok’s seven highest-paid stars earned a total of $55.5M from work on and off the platform last year (Triple the sum it counted in 2020). This boosts incentives to create fresh content!Today, on Things Have Changed - we’re going to explore how TikTok has become the TV for Gen Z and as a result eating the rest of social media.Stay Tuned!Important Links:Kids Spending More on Tiktok than YouTubeTikTok Grabs More Ad Dollars, as Marketers Look to Attract Gen Z and MillennialsPersonal Finance is a Hit on TiktokTiktoks Rapid Growth Shows the Potency of VideoTiktok Isn’t Silly It’s SeriousSocial Media Briefing - The Economist (All-Conquering Quaver)Tiktok Bursts the ZuckerbubbleTiktok Overtaking Facebook in Influencer Marketing Spend this Year, Youtube by 2024Support the showThings Have Changed