SAN FRANCISCO – Video-sharing app TikTok’s advertisement revenue is likely to triple in 2022 to more than $11 billion, exceeding the combined sales of its rivals Twitter Inc and Snap Inc, according to research firm Insider Intelligence.
TikTok, which is owned by Chinese company ByteDance, is one of the world’s most popular social media apps, with more than 1 billion active 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,” said Debra Aho Williamson, analyst at Insider Intelligence according to Reuters.
Twitter and Snapchat are expected to generate $5.58 billion and $4.86 billion, respectively, in advertising revenue for 2022, with the combined value still less than the $11 billion projected for TikTok.
Nearly $6 billion, or more than half, of this year’s ad revenue is expected to come from the United States, despite regulatory concerns over user data from US being passed on to China.
