Youtube, Facebook face growing threat from TikTok

TokTok could reach $12 billion in ad revenue by the end of 2022, threatening Facebook and YouTube's dominance of the social networking and video hosting markets.

Report informs citing Bloomberg that over the year, TikTok's advertising revenue could triple from $4 billion in 2021 to $12 billion in 2022. The latter amount is more than the projected advertising revenue from Twitter and Snapchat combined. Plus, $12 billion is only $5 billion less than YouTube's projected ad revenue. TikTok and YouTube are expected to equal this figure as early as 2024.

TikTok also continues to lead social networks by a whopping margin in the number of hours users spend on online services each month. While Americans spend an average of 8 hours on Instagram and 16 hours on Facebook each month, they spend almost 30 hours on TikTok.

According to Bloomberg, these facts illustrate the threat TikTok poses to Google and Facebook.