TikTok is 💵 💵 💵
TikTok has grown tremendously, and its owner, Chinese tech company ByteDance, seems to be printing money from driving ad and in-app purchase revenue. By some reports, they may be sitting on a staggering $6,000,000,000. That’s right: Six. Billion. Dollars. That’s a lot of zeroes… In other news, Facebook is pushing for a rise in comment engagement and has also launched a News tab nationally while leaning in to local news sources.
TikTok is Big. And Here to Stay.
Described in Bloomberg as ‘the online repository of choice for lip-synching and dance videos by American teens,’ TikTok has been way more successful than critics are willing to admit. TechCrunch reports the results of a new study indicating TikTok ‘drove growth in kids’ social app use by 100% in 2019 and 200% in 2020.’ Wow. Analysis from The Verge shows that TikTok’s strength lies in the appeal of the core product and a nimble response to product weaknesses. Read more.
Facebook Rolling Out Comment Engagement Stats on Posts
Some Page admins may have encountered a post-engagement statistics banner this week. That’s because for a limited user group, Facebook is now displaying the impact that comments make in maximizing a post’s reach. And comments do make a difference. Read more.
Facebook Launches News Tab, Focuses on Local Sources
This week Facebook widely launched a new feature, called ‘News,’ in the US. The Facebook News tab originated last October for a sample of US users and has now been extended to all users. A dedicated space for journalism, Facebook News is an attempt to draw more publishers to Facebook’s platform by promising increased distribution—especially for local news organizations. Read more.