Despite having a bleak outlook in 2020, TikTok ended the year on a high note and has embarked on an upward trajectory in 2021.
According to the research data analysed and published by Comprar Acciones, TikTok was the top-grossing non-game mobile app globally in January 2021. Users spent $128-million on the app, up by 380% from its January 2020 revenue. Eighty-two percent of the revenue came from China through its domestic app version Douyin and 8% from the US.
Based on a report by Apptopia, there were 89-million installs of the TikTok app in 2020 from the US alone. It ranked first ahead of Instagram, which had 62-million. Facebook was third with 53-million and Snapchat got the fourth place with 51-million.
TikTok was the second most downloaded mobile app in January 2021, with 62 million installs worldwide according to Sensor Tower. China accounted for 17% of the installs via Douyin while the US was second with 10%. For the full year 2020, it was the most downloaded and highest grossing mobile app worldwide. On the App Store, it generated $1,2-billion during the year, marking a 600% year-over-year (YoY) increase.
TikTok had a 500% increase in the number of US advertisers in 2020. Since late 2020, it has signed a number of major brands including Bose, McDonalds, Chobani and Kate Spade. According to eMarketer, TikTok’s user penetration in the US rose from 17,3% in 2019 to 31,1% in 2020. It will increase further to 39,3% by 2024.
On the other hand, in its home market, China, ByteDance (TikTok’s parent company) competes with Tencent-backed Kuaishou. Kuaishou is ranked as the second biggest short-form video platform behind Douyin. It recently raised $5,4-billion in a Hong Kong IPO, the largest IPO raise in over a year. Following the IPO, Kuaishou’s shares went from HK$115 ($14.80) to HK$320.20, sending its market value from $61-billion to $160-billion.