TikTok sets to overtake IT giants
TikTok has become a threat to Google and Meta’s advertising revenues. TikTok, the Chinese social network owned by ByteDance, may earn $12 billion from ads in 2022. Notably, the company generated returns of $4 billion in 2021. At the same time, this threatens Facebook and YouTube's dominance in the social networking and video hosting markets. The advertising revenue of the Beijing-based platform is expected to surpass the combined ad revenues of Twitter and Snapchat. Meanwhile, YouTube’s earnings from ads are estimated at $17 billion. TikTok is expected to grow its ad revenue on par with YouTube in 2024. In addition, TikTok continues to top the social network rankings by the number of hours users spend on Internet services each month. Users from the US spend an average of 8 hours each month on Instagram, 16 hours on Facebook, and nearly 30 hours on TikTok. Bloomberg reports that TikTok has become a definite threat to Google and Facebook. The news agency also noted that American IT giants are confronting difficulties because they have become a target for antitrust investigations in the US, the UK, and the EU.