TikTok taking aim at Snapchat users. A report by MoffettNathanson, an independent sell-side research firm stated that the social networking app owned by China-based company ByteDance continues to expand its global footprint.
The report also notes that the app could affect Snapchat’s core user base. TikTok allows users to create and share short-form videos in which they lip sync along to the particular song. Its growing popularity outside of China, especially in India, rapidly climbing download charts and taking on Snapchat as well as Twitter. However, both companies declined to comment when asked about the TikTok’s growth.
Tik Tok was initially launched in China in 2016. According to the report, there was 27 percent of new TikTok downloads between December 2017 and last month. In addition, the installs were up nearly 25 percent in this period.
Currently, TikTok contains 500 million monthly actives user, while twitter boasts 326 million. Snapchat has not revealed its monthly metrics yet but the company reported 186 million daily active users in the third quarter.
According to a research firm, TikTok ranked No. 3 worldwide for new downloads among all apps across iOS and Google Play last month. In addition, it ranked No. 4 in most downloaded apps in 2018.
“Given its focus on teens, we believe TikTok can pose a threat to Snap’s core user base,” Michael Nathanson from MoffettNathanson said. “TikTok’s ambitions appear large, especially after its parent company ByteDance raised $3 billion in funding in October 2018, counting Softbank as one of its investors.”