A new report by research firm Insider Intelligence has shown that TikTok advertisement revenue is likely to triple in 2022 to more than US$11 billion. This means that the video sharing social media platform is expected to exceed the combined sales of Twitter Inc and Snap Inc (SNAP.N).
Twitter is expected to generate US$5.58 billion and Snapchat is expected to generate US$4.86 billion in advertising revenue for 2022.
“TikTok’s user base has exploded in the past couple of years, and the amount of time users spend on the app is extraordinary,” said Debra Aho Williamson, analyst at Insider Intelligence.
TikTok was named the world’s fastest-growing brand by another new report published in January. With an impressive 215% growth, the entertainment app’s brand value has increased from US$18.7 billion in 2021 to US$59.0 billion this year. Claiming 18th spot among the world’s top 500 most valuable brands, it is the highest new entrant to the Brand Finance Global 500 2022 ranking.
Overall, media brands account for the top 3 fastest-growing brands in the ranking – with another social media app Snapchat (brand value up 184% to US$6.6 billion) and South Korean internet brand Kakao (up 161% to US$4.7 billion) following closely behind TikTok.
Last month, TikTok announced the launch of their new in-app Election Guide, supported by the Australian Election Commission.
The social media platform said they are committed to providing access to trustworthy and relevant information for the Australian community in the lead up to the 2022 federal election.
The guide will help promote the importance of being enrolled to vote and provide authoritative information on the election process – from where to vote and the ways to vote, through to preferential voting explainers – developed by the Australian Electoral Commission.