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| Tik Tok ranks as the 3rd largest social network in 2022 |
New forecasts describe Tik Tok as the third largest social network in the world after Facebook and Instagram.
In a forecast based on the Chinese platform's global proven base, Insider Intelligence (the company formerly known as eMarketer) expects the number of monthly TikTok users to reach 755 million by 2022, up from 59 and 8% in 2020 and a subsequent increase of 40.8 cents in 2021.
As of the last financial report, Facebook had 2.91 billion monthly active users, with an annual growth rate of 6%.
Recently, Instagram employees announced that the number of monthly users on its network has crossed 2 billion, more than the 1 billion monthly users reported in June 2018.
However, Insider Intelligence noted that its 2022 forecast uses slightly different calculation methods. The company has its own definition of monthly active users, which may differ from the definition of each company analyzed.
For example, users who log in at least once a month count a calendar year and try to exclude fake accounts from their estimates. This should enable customers to make a more consistent comparison across all platforms.
According to the company's estimates, Facebook could reach 2.1 billion monthly users in 2022, followed by Instagram with 1.28 billion users. Tik Tok ranks third with 755 million monthly users, ahead of Twitter and Snapchat.
Tik Tok has grown rapidly over the past two years
Sensor Tower reported that this short video app was downloaded over 2 billion times on the App Store and Google Play in the first quarter of 2020.
Another report from App Annie later revealed that the app grew 325% in 2020. The monthly time per user is growing faster than any other app, 65% of it is in the US.
In July 2021, Sensor Tower announced that TikTok became the first non-Facebook (outside of gaming) app to reach 3 billion downloads worldwide via the App Store and Google Play.
TikTok's global consumer spending exceeds $2.5 billion. These numbers make the app one of the few that enjoys this feat, especially YouTube and Netflix.
While other companies expect the Chinese platform's monthly active user base to reach one billion by 2021, Insider Intelligence is more cautious about its approach. However, the application is expected to continue growing at a rate of 15.1% in 2022.
The share of Tik Tok in the total number of social media users has also increased due to the growth. Insider Intelligence predicts it could surpass 20% of inventory for the first time and approach a quarter by 2024.
The emergence of Tik Tok posed special challenges to the Snapchat platform as the two compete to attract teens. However, Tik Tok and Twitter do not have much in common. But its volume on Twitter clearly reflects the allure of TikTok content.
The Chinese platform still has plenty of room for growth in the future. Next year, 3.57 billion people will use social media apps at least once per month.