Chinese short-form video hosting service TikTok, has surpassed Facebook as the Most Valuable Social Media platform, according to a study by Malta-based analytical website – Business2community.
TikTok’s value stands at $65.7 billion, while Facebook dropped to $58.8 billion, marking a significant shift in the social media landscape.
TikTok’s growth exceeded Facebook’s by 11 percent in the first quarter of 2023.
The platform also achieved a milestone as the first non-Facebook product to surpass three billion online downloads.
Despite concerns about data privacy and spying, TikTok continues to thrive globally.
Governments in the West have banned the use of the app on government-issued devices due to fears of Chinese influence.
However, TikTok boasts over one billion daily active users worldwide, maintaining its upward trajectory.
Previous studies have shown that TikTok videos receive 44 percent more comments than Instagram reels, and twice as many TikTok videos are uploaded compared to Instagram reels.
Furthermore, a significant percentage of children aged 4 to 18 prefer TikTok over YouTube, with 63 percent of app users not having a Twitter account and 40 percent not being on Facebook.
The United States has the largest TikTok audience, with 135 million active users, primarily between the ages of 10 and 19.
Indonesia ranks second with 99.07 million users, followed by Brazil with 73.58 million. In 2020, the United Kingdom reported over 17 million TikTok users.
Demographically, 60 percent of TikTok users belong to Generation Z (born 1997 to 2013), while approximately 35 percent are Millennials (born between 1981 and 1996), based on data from the second quarter of 2023.
Female users make up 57 percent of TikTok’s user base, with males comprising 43 percent, as of the first quarter of 2022.
However, not everyone is a fan of TikTok.
A third of adults in the United States, approximately 34 percent, do not like the app, according to a poll conducted in late 2021.
Also, 68 percent of parents in the United States do not approve of their children using TikTok unsupervised, as revealed by a 2022 poll.
