The popular Chinese social network is set to triple its ad revenue this year, surpassing rivals like Twitter and Snapchat. Analysts of Insider Intelligence told about this in their new forecast.
TikTok will be able to earn $11.64 billion from advertising this year, with more than half of its revenue (51.2%) coming from the US, Insider Intelligence predicts. By comparison, in 2021, TikTok’s advertising business grew 175% year-on-year to $3.88 billion. If things go as analysts predict this year, TikTok will overtake Twitter and Snapchat combined, which earn $5.58 billion and $4.86 billion from ads, respectively.
In the US alone, TikTok will generate $5.96 billion in advertising this year, up 184.4% from last year. Thanks to this, the Chinese application will take 2.4% of the local online advertising market.
Analysts say that TikTok is on the heels of not only Twitter and Snapchat, but also YouTube. By 2024, the Chinese video service’s ad revenue will reach $23.58 billion, nearly equivalent to YouTube’s $23.65 billion. By this time, the share of each of these platforms in the global digital advertising market will be 3.1%. For now, TikTok is taking a small part of the market. In 2021, its share was 0.7%, and in 2022, according to analysts, it should grow to 1.9%. Google and Meta (former Facebook) are now the market leaders in online advertising with 29% and 21.4% of the market, respectively.
Source: Trash Box
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