- TikTok has over a billion Daily Active Users and is worth over $200 billion.
- ByteDance, TikTok’s parent company, flooded the world with marketing as part of a product push, spending $3 million per day on user acquisition and PR through 2018 and 2019.
- ByteDance will use the AI capabilities, content, and user base of TikTok to launch other products, including longer-form video, music streaming, gaming, consumer finance, education, news feeds, messaging, and enterprise software.
While TikTok has seen immense growth in audience over the last two years, it’s important to note that marketers should consider TikTok only if it makes sense with their existing strategy. Like the Buzzfeed / Mashable / Snapchat boom of the early 2010s, the risk is that we get distracted with the new shiny toy rather than sticking to our strategy, or committing too many resources to activity before verifying that the channel can deliver a return using a small test budget.
Perhaps more importantly, with the recent calls for banning TikTok and privacy concerns for users, marketers should also think carefully if TikTok is brand-safe environment for communications.
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