Over the past few years, the social media heavyweight TikTok has built an army of fans in the United States and Europe, with its app revenue market share surpassing those of older social media platforms.
According to data presented by SafeBettingSites.com, TikTok tops Facebook and Instagram with over 20% app revenue market share in US and Europe.
US is the Top Market with a 26% App Revenue Market Share, almost Double that of Instagram and 3x more than Facebook
Just like online betting, the social media landscape is highly competitive and constantly changing. Platforms that can keep users engaged and provide targeted and effective advertising solutions will likely be more successful in the long run.
TikTok ranks high in this dynamic market. According to the Digital 2023 Global Overview Report, last year, mobile users spent an average of 23 hours and 28 minutes using TikTok per month, or 20% more than in 2021, more than any other social media platform. The surging number of users and the time spent using its app have helped TikTok boost its revenue market share.
According to Statista Market Insights, the United States is TikTok`s top market, with a 26% app revenue market share in 2023, almost double that of Instagram and nearly three times more than Facebook. Instagram hit a 14% revenue share in the US market, and Facebook follows with a 10% share. Statista data also showed TikTok`s dominance in the largest European markets.
In Germany, the video-sharing app has a 25% revenue market share, up from Instagram`s 18% and Facebook`s 8% share. The UK market showed even more significant differences, with TikTok generating 22% of total social media app revenue in 2023. Instagram hit a 10% app revenue market share in the UK, and Facebook followed with a 7% share.
TikTok to Gross $6.4B in Advertising Revenue in 2023, 26% more than Last Year
The short-form video platform has also attracted many advertisers in recent years, with companies using TikTok to boost brand awareness and reach Gen Z customers. One viral TikTok video can reach millions of people overnight, something other social media platforms can’t deliver.
In 2022, TikTok’s ad revenue grew 26% year-over-year, more than any other platform in the United States. The double-digit growth is expected to continue in 2023, with the platform grossing $6.4bn in advertising revenue or 26% more than last year.
Statista expects this figure to more than double in the next three years, with TikTok`s annual ad revenue reaching $13.75bn by 2026.