Everyone is copying Shou Zi Chew’s TikTok success style because of some reasons including user engagement, the popularity, influence, their reach and global appeal, monetization opportunities and ability to staying competitive. Hinge’s TikTok-Inspired feature drove an amazing 60% YoY revenue increase this year.
The general adoption and success of TikTok have caught the attention of social media platforms and other companies, leading to a trend of copying TikTok’s features.
TikTok, despite being a headache for some governments, has become a paradise for the younger generation. Its success has prompted other social media platforms like Instagram, Facebook, and YouTube to emulate its features in order to stay competitive.
According to a report by SocialMediaToday, TikTok’s influence goes beyond entertainment, as it is making a significant impact in the search domain.
Furthermore, TikTok is not just limited to viral dances and funny skits; it is evolving into a platform for news and information dissemination.
With features like in-app shopping, live streaming, and branded hashtag challenges, TikTok is emerging as the go-to social media tool for brands to connect with consumers, as explained in a HootSuite blog post.
TikTok is Trending of the Social Media Right Now
TikTok has become the Apple of the social media space, setting trends that other platforms are quick to follow. Just like Apple’s iPhone revolutionized the technology market, TikTok is rapidly shaping the landscape of social media. Instagram, Spotify, Twitter, YouTube, and more are all adopting various features such as the ‘For You’ page and the continuous video scrolling format.
Since its launch in September 2016, TikTok has experienced tremendous growth, capturing a user share of 41% and securing a spot among the top five social media platforms.
According to a recent report by Statista, TikTok has a higher share of 18-29-year-old users compared to other social networks. Over half of the platform’s users identify as female, making up approximately 55%, and it generally appeals to users across various income distributions.
Fashion and beauty have emerged as strong pillars on TikTok, with users expressing a strong desire for success.
Tiktok Marketing and Management
Companies that market on TikTok tend to see better results through influencer marketing. The Statista report indicates that 28% of TikTok users have made purchases based on celebrity or influencer endorsements.
Around 17% of TikTok users consider themselves as innovators, willing to adopt new products early on.
TikTok users demonstrate a higher level of engagement with brands and companies compared to other social networks. They also frequently engage with other forms of media, such as radio and TV.
TikTok’s popularity extends globally, with the app being the most downloaded in over 40 countries. It has a presence in more than 150 markets, available in over 35 languages.
Tiktok Download Volume and Engagement
In 2022, TikTok secured the second spot for most globally downloaded app, coming after Instagram. However, it claimed the top position on Apple’s App Store in terms of downloads, as reported by HootSuite.
Notably, TikTok’s appeal goes beyond download numbers. It has an engaged user base in the US, with 150 million individuals using the platform on a monthly basis.
Moreover, TikTok users aren’t simply casually browsing content. On average, they dedicate around 1.5 hours per day to exploring the app’s endlessly creative and engaging feed.
TikTok’s Impact on the Top 5 Social Networks
TikTok has attracted Gen Z users by catering to their short attention spans with easily shareable visual content that can be spread to other social media platforms and messaging apps like WhatsApp.
In recent years, the top five social media networks have been striving to catch up with TikTok, introducing their own versions of features like the ‘For You’ page.
For instance, Instagram launched Reels, a short video feature inspired by TikTok. Initially limited to 15 seconds, Instagram now supports Reels of up to 90 seconds.
After India banned TikTok in September 2020, YouTube swiftly released its own video-sharing feature called YouTube Shorts. This feature enables users to create 15-second videos with advanced creative tools and dedicated music options.
Snapchat introduced its Spotlight functionality in November 2020, mirroring TikTok’s vertical video-sharing format and utilizing a similar algorithmic approach. In an effort to encourage creators to contribute viral content, Snapchat even offered the potential for significant earnings.
Twitter also joined the ranks of TikTok’s imitators after Elon Musk’s acquisition of the company. Alongside introducing paid verification badges, the microblogging platform introduced two user timeline changes: “Following” and “For You.” The former displays content from profiles that the user has followed, while the latter is an algorithmic timeline that recommends tweets based on topics users have engaged with.
These efforts by the top social networks to replicate TikTok’s features demonstrate the significant influence the platform has had on the industry, as they strive to capture the attention and engagement of TikTok’s dedicated user base.
TikTok’s Revenue Grows Higher than $1B in Consumer Spending
Let’s talk about the TikTok’s revenue milestone and unique monetization approach that is increasing TikTok’s Success. During the first quarter of 2023, TikTok achieved a remarkable feat by becoming the first app to surpass $1 billion in consumer spending within a single quarter.
The popular gaming app, Honor of Kings, secured the second position with $570 million in worldwide consumer spending, followed by YouTube at over $530 million, according to the “State of Mobile App Revenue 2023 Report” by data.ai.
What sets TikTok apart is its distinction as the only non-gaming app in the top 10 ranking for single-purchase revenue in the United States. It outperformed renowned games like Candy Crush Saga, Roblox, and Pokémon GO. Rather than relying on a subscription model, TikTok’s revenue success lies in its virtual currency called TikTok coins, which has amassed billions in consumer expenditure.
Hinge App Market Share
In the realm of online dating, Hinge has emerged as an app that differentiates itself from Tinder, prioritizing meaningful relationships over casual encounters. Hinge’s revenue has experienced a phenomenal growth, skyrocketing from $8 million in 2018 to an impressive $284 million in 2022, as reported by Business of Apps. A significant contributing factor to this surge was a new feature similar to TikTok’s monetization strategy. Hinge introduced one-time purchases called Roses, which has boosted its revenue by 60% year over year.
Although TikTok still lags behind platforms like Facebook and Instagram in terms of monthly active users, its success lies in the unique features it offers. Currently, competition is not a major concern for TikTok, especially with the United States considering a potential ban of the app due to national security and privacy concerns. However, TikTok’s Success is still growing higher by the day and it will be wise if you adopt their business methods.
More Contents
- What is the Meaning of NFS on TikTok?
- TikTok Ban, TikTok CEO Updates and The Future of TikTok
- How TikTok is Taking over Mobile Monetization Ads Revenue
- TikTok Facing Regulatory Challenges while UK Parents call for Ban
- Polls Shows that UK Parents want TikTok Banned from United Kingdom
