According to Insider Intelligence, TikTok’s global users have overtaken those of Snapchat and Twitter in 2021, marking it the third largest social network worldwide behind Facebook and Instagram.
Insider Intelligence forecasts monthly TikTok users to grow by 15.1% to reach 755 million by 2022. This number grew 59.8% in 2020 and will increase an additional 40.8% in 2021.
The company also predicts that TikTok’s share of overall social network users will surpass 20% for the first time and approach one-quarter by 2024.
“The rise of TikTok is especially challenging for Snapchat, with which it competes head-to-head for the youth audience,” said Debra Aho Williamson, Insider Intelligence principal analyst. “Although TikTok does not share much similarity to Twitter, its massive size relative to the more–established platform is a clear reflection of the addictive nature of TikTok’s content.”
TikTok announced on September 27 that it reached 1 billion monthly active users globally this summer, marking a 45% jump since July 2020. The United States, Europe, Brazil and Southeast Asia are the biggest markets for the popular social media app.
ByteDance’s popular short video app, which is expected to generate $2.3 billion in revenue by the end of 2021, is also projected to maintain its #1 ranking as the most revenue-generating non-game app in both the App Store and Google Play. It is also the most downloaded app on the App Store for 2021, with 745.9 million installs across both app stores.
In Q2 2021, TikTok saw its biggest quarter-over-quarter growth in consumer spending since Q2 2020, climbing 39% to $534.6 million from $384.7 million in the previous quarter.
Throughout 2021, TikTok has invested in partnerships, product launches and advertising options in the ecommerce vertical to monetize its user base. Earlier this month, the company launched a new app for sellers to let them manage their TikTok shop via mobile devices, as part of its efforts to facilitate more e-commerce activity.