TikTok continues to challenge Facebook’s position

Market observers say that TikTok is challenging Facebook’s position as the social network continuously sets new revenue records this year.

In the first quarter, TikTok attracted up to 840 million USD in user content rewards. This application is also forecast to increase advertising revenue to $11 billion this year – more than Twitter and Snapchat combined.

But Facebook is said to be looking for a new direction. CEO of Meta (Facebook’s parent company), billionaire Mark Zuckerberg has announced a plan to test selling digital items, in order to expand revenue and attract young users to participate in its metaverse platforms in the future. .

In Australia, TikTok is overtaking Facebook, attracting massive ad spend and e-commerce potential for the short video app. In the Digital 2022 Australia report published on February 9, advertising on the country’s social network peaked at $3.6 billion in 2021 and TikTok won the battle for user attention. .

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