There’s a constant stream of new social media apps launched weekly, but that doesn’t necessarily mean it’ll be the next big hit. According to Statista, there are more than 7,574 mobile apps were released through the Google Play Store and Apple App Store every day. One of the social media apps that have risen to fame is TikTok, which is now valued at US$75 billion. This makes it the world’s most valuable startup – even higher than Uber.
TikTok, owned by Bytedance, was launched initially as Douyin in China in September 2016 and it was released globally as TikTok the following year. It’s a crazily popular short-form video app, which enables users to create 15-second videos that can be further enhanced by using music clips and special effects. The short video can then be shared online and viewed by TikTok users.
While it’s not the first short-form video app, TikTok became one of 2018’s most downloaded mobile apps about the Apple App Store and Google Play Store in the United States and Europe.In 2018 alone, TikTok recorded 800 million worldwide downloads excluding Android users in China. Currently, it has 500 million monthly active users globally which is more than the size of the population of U.S., Mexico, and Canada combined. With the huge potential for expansion and growth, TikTok is one to be keeping an eye on in the social media world.