In recent years, TikTok has emerged as a social media powerhouse, amassing many fans across the globe. The platform’s app revenue market share has surpassed those of older social media platforms such as Facebook and Instagram. According to data presented by SafeBettingSites, TikTok leads the pack with over 20% app revenue market share in the US and Europe.
The US is TikTok’s top market, with a 26% app revenue market share in 2023, almost double that of Instagram and nearly three times more than Facebook, according to Statista Market Insights. The surging number of users and the time spent using its app have helped TikTok boost its revenue market share. The Digital 2023 Global Overview Report reveals that mobile users spent an average of 23 hours and 28 minutes using TikTok per month in 2022, which is 20% more than in 2021, making it the social media platform that users spend the most time on.
TikTok’s dominance is not just limited to the US market. Statista data shows that TikTok is also the leader in the largest European markets. In Germany, TikTok has a 25% revenue market share, up from Instagram’s 18% and Facebook’s 8%. The UK market also shows significant differences, with TikTok generating 22% of total social media app revenue in 2023. Instagram hit a 10% app revenue market share in the UK, while Facebook followed with a 7% share.
TikTok’s success can be attributed to its ability to keep users engaged and provide targeted and effective advertising solutions, making it an attractive platform for advertisers. The platform has attracted many advertisers in recent years, with companies using TikTok to boost brand awareness and reach Gen Z customers. TikTok’s short-form videos can reach millions of users overnight, making it a powerful tool for businesses looking to get their message out.
In 2022, TikTok’s ad revenue grew 26% year-over-year, more than any other platform in the United States. The double-digit growth is expected to continue in 2023, with the platform grossing $6.4 billion in advertising revenue, which is 26% more than last year. Statista predicts that this figure will more than double in the next three years, with TikTok’s annual ad revenue reaching $13.75 billion by 2026.