The New Video King? TikTok Set to Earn $11.6 Billion in Ad Revenue
The short kind video platform is poised to bring in close to$ 24 billion by 2024, crowning it the brand-new king of social media marketing. TikTok gained a lot of momentum in 2021 growing 1 billion active users practically overnight. Now, their ad revenue is set to triple from$3.88 billion in 2021 to $11.64 billion
in 2022. This figure means the platform will
exceed both Twitter and Snapchat combined and is approximated to compete with YouTube by 2024. The Rise of Short Form Video We require only cast our minds back to the launch of social networks app, Vine, back in 2013 to know that brief kind video was the future of marketing. The app was short lived, taken down by Twitter in 2016, it highlighted the engagement of brief kind video, specifically among the younger generation.
Now, TikTok’s rapid success is further proof of short type video’s dominance. The platform concentrates on snack-size content with videos that are 60 seconds or under.
Other social media platforms like Instagram and YouTube have both noticed the rise of short kind video and adjusted to take on Shorts and reels.