Video-streaming app TikTok is likely to triple its advertising revenue to more than $11 billion in 2022, beating the combined projected sales for both Twitter and Snapchat. The Chinese app, owned by ByteDance is currently one of the most popular social media apps in the world, attracting more than a billion monthly users.
“TikTok’s user base has exploded in the past couple of years, and the amount of time users spend on the app is extraordinary,” Debra Aho Williamson, an analyst at Insider Intelligence said.
Twitter is projected to generate $5.58 billion in advertising revenue this year while Snapchat is expected to generate $4.86 billion. The combined values of both apps is still less than the $11 billion TikTok projection.
Despite the US’ regulatory concerns over user data on the app, a huge chunk of TikTok’s ad revenue projected at $6 billion, is expected to come from the United States.