Whether or not you personally use it, chances are at this point, you know what TikTok is.
And if you don’t? TikTok allows its users to create short, snappy videos, oftentimes accompanied by background music or the user’s own original sounds. It can be funny, it can be informative, it can be cringe, and it can be downright hard to watch at times.
It’s also the fastest growing social media platform in the world. If as a marketer, that doesn’t get your attention, well it should.
While it is not quite yet the advertising powerhouse that is Instagram and Facebook, TikTok has slowly but surely been grabbing the attention of marketers and media buyers from local brands to globally recognized companies like the NBA and Chipotle.
Above all things, TikTok has been gaining the popularity it has by letting users express themselves creatively in a way that currently other social media platforms can’t do.
So, should this platform be getting your (and your ad budgets) attention?
Check out the following stats and make the decision for yourself:
1. Over 1.5 Billion Downloads
By far, TikTok is one of the most downloaded apps in the world in recent years.
In just a single year, the short-form video social media app has reached over 1 billion and 1.5 billion downloads in the app store and google play store respectively, an unprecedented feat even for the world’s biggest corporations.
If growth trajectory holds, which many believe it’s only going to increase, it won’t be long before it ranks ahead of the social media giants Facebook and Instagram themselves.
2. 800 Million Active Users
Even more impressive than download figures, is daily active users.
TikTok officially launched in 2016, and three years since then they’re currently sitting with over 800 million active users.
It’s important to point out, however, that before it’s immense popularity boost in the US and other western countries, TikTok gained a lot of their early popularity in China, with over 150 Million active users there alone.
Just to give you an idea of how this user growth compares with other applications, it took 6 and 4 years for Instagram and Facebook respectively to garner the same amount of users.
3. Most Downloaded App on the App Store
With download numbers in the billions, it’s not hard to believe that TikTok is the most downloaded app in the app store quarter after quarter.
In Q1 of 2019 alone, the app had it’s best performing quarter with over 188 million new users.
It’s also interesting to note that TikTok is more popular among iPhone users, with the app currently being the third most downloaded on the Google Play store right behind WhatsApp and Facebook Messenger.
4. 41% of Users are between 16–24 years old
What TikTok has done a phenomenal job thus far, is making the platform appeal the most to the Gen Z demographic (aka 16–24 year-olds).
The biggest demographic they currently have is this age range, and if you go on the app itself, it won’t come as a surprise. Teens have been dominating content in terms of views and engagements, with some of the app’s most popular influencers being 16–18 years old themselves.
This is what is currently separating TikTok from other social media platforms in terms of advertising, as it’s a direct link to the youngest and most active consumers.
5. How much time do users spend on the app?
For each active user on TikTok, they’re currently spending about 52 minutes per day on the app.
We did say it was addicting, didn’t we?
Whether they’re creating and uploading their own content, or simply “passive browsing” as about 50% of users do, either way, they’re spending up to an hour (and most times more) a day engaging with the app and its content.
6. 90% of TikTok users use the app multiple times daily
Almost more impressive than the daily usage averages, is the fact that people who use TikTok, use it a lot.
A whopping 90% of users on the app are visiting multiple times a day, racking up watch time and engagements.
7. TikTok’s revenue skyrocketed over 300%
While TikTok is currently in the testing phase of its ad-program, this is by no means the sole source of their revenue thus far.
In fact, a majority of the contribution to revenue so far lies in in-app purchases made by users. Everything from filters, custom sounds, and graphics are available to purchase to help spruce up users’ content and make it stand out.
And they are buying.
In 2018 TikTok reported revenue of $3.5 million, and in 2019, this skyrocketed to over $19 million in in-app purchases alone, excluding their blossoming ad program.
What this Means for Your Business
Based on everything that we’ve discussed so far, you’re probably wondering,
Is now the time to invest our marketing budget into TikTok?
And the answer, for now, is maybe. While the app itself is receiving enormous amounts of boosts in popularity, their ad program is still being developed, and it’s worth noting that a wide majority of the current demographics are quite young — which could serve as both a benefit or a disadvantage for marketers.
On another note, the world of influencer marketing on TikTok has skyrocketed, with some of the app’s most popular creators charging up to $10k or more for a brand inclusion or a shout out on their short video clips.
The safe thing to do now as a marketer or media buyer is to keep a close watch on the coming trends of TikTok, the development of their ad program, and how influencers continue to engage and promote sponsored content.
One thing can be said for sure, however, is that this platform and it’s the audience is the future of social media, which should be enough to merit your time and attention.