users in 2022, a possible ban would favor ByteDance’s largest competitors in the region – namely Meta and YouTube, which launched short-video platforms Instagram reels and YouTube Shorts in 2020 on the wave of TikTok’s popularity.īyteDance was not exactly new to controversies: in 2020, the company lost the Indian market to an extended apps ban. Australia followed, banning the app from government-owned devices in April.Īs TikTok was the favorite short-video social media platform among U.S. In 2023, TikTok faced a partial ban on institutional and governmental devices in several countries: in February, European Parliament staff were recommended to remove TikTok from their personal devices, and in March the UK banned TikTok downloads from government mobile phones – a moved approved by over half of the country. The majority content creators on TikTok are aged between 18 and 24 years old, a factor that contributes to the platform being popular among Millennial and Gen Z users: as of July 2023, 20 percent of TikTok users were women aged between 18 and 24 years, while men in the same age group accounted for around 18 percent of the platform’s user base. The platform comes as a free-to-download app, a factor that made onboarding easy for mobile users - who currently represent over 90 percent of the U.S. TikTok allows users to create, edit, and share short-form video clips that are enhanced with filters and accompanied by the latest music trends. TikTok users: young, eager, and connected dollars in revenues, up by 30 percent compared to the 61.7 billion U.S. While mainstream social media platforms have been struggling with protecting their growth in 2022, ByteDance saw approximately 80 billion U.S. The company monetizes its brands by offering ad spaces, with TikTok’s short video offering being particularly suited to host bite-sized commercial messaging.

In 2023, ByteDance was the leading unicorn worldwide, with a valuation of 200 billion U.S. The platform is owned by Beijing-based tech company ByteDance, which is behind the release of several popular apps – Douyin, Toutiao, Lemon8. TikTok is a video-sharing social media app launched on the international market in 2017.

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