Debra Aho Williamson, an analyst at Insider Intelligence, commented on the company’s continued success, stating: “TikTok’s user base has exploded in the past couple of years, and the amount of time users spend on the app is extraordinary.”
Twitter estimates to generate around $5.58 billion in advertising revenue this year, while Snapchat is expected to bring in $4.86 billion. Earlier this year, Breitbart News reported that users spent around $2.3 billion on the popular video-sharing app TikTok in 2021. This includes transactions made on the iOS version of TikTok’s Chinese counterpart app Douyin which is more heavily censored in order to align with Chinese law.
TikTok enjoyed 77 percent year-on-year growth up from $1.3 billion in 2020. Consumer spending on the app reached $824.4 million in the fourth quarter of 2021, more than double the $382.4 million generated by the app during the same period in 2020.