TikTok, a Chinese platform for posting short videos, has now surpassed Facebook, which is owned by Meta, as the most valuable social media platform. This is according to research done by the analytical website Business2community, which is situated in Malta.
According to data from the first quarter of 2023, which also stated that TikTok is now valued at $65.7 billion, analysts discovered that TikTok grew 11% faster than Facebook, while Facebook fell from $100 billion to $58.8 billion, citing data from Brand Finance’s annual Global 500.
It also passed three billion online downloads for the first time for a non-Facebook product.
TikTok’s popularity has continued to grow despite concerns from Western countries that China may use the app to spy on their citizens, and some of them have even started to forbid its usage on equipment provided by the government. According to data, TikTok continues to have more than a billion daily active users worldwide.
Other earlier studies found that TikTok videos receive 44% more comments than Instagram reels and that TikTok videos are uploaded twice as frequently. Additionally, many kids (aged 4 to 18) prefer TikTok to YouTube, and 63% of users of the app don’t have Twitter or Facebook accounts.
With 135 million daily users, the majority of whom are between the ages of 10 and 19, the United States has TikTok’s greatest viewership, followed by Indonesia with 99.07 million subscribers and Brazil with 73.58 million.
The UK claimed having more than 17 million users in 2020.
According to demographic data from the second quarter of 2023, Millennials (born between 1981 and 1996) make up about 35% of TikTok users, while Gen Z (born 1997 to 2013) makes up 60% of users.
Additionally, as of the first quarter of 2022, 57% of TikTok users are female compared to 43% of users who are male.
According to a survey performed in the nation from October 29 to November 1, 2021, with 2,200 respondents who were 18 years of age and over, one-third of adults in the United States admitted they do not like the app, which is roughly 34% of the demographic.
Additionally, according to a 2022 survey, 68% of American parents disapprove of their kids using TikTok unattended.