Expecting to earn over $6 billion from the USA alone, TikTok is expected to triple its revenue from $3 billion to over $10 billion in 2022.
Worldwide, TikTok is proposed to hit $23.58 billion by 2024, coming close to YouTube at $23.65 billion.
TikTok has grown substantially since 2020, staking its claim to relevance and innovative in the social media world. In 2021, TikTok became the most popular website address and took the title from Google.
Now, TikTok is seeing consumers and brands join its network boosting content from how-to videos, e-commerce, reviews, thoughts, dancing, pranks, driving, and much more. It enforced its privacy, advertising analytics, and creator supported tools to support security and growth. These efforts are winning the trust of the social population as seen in their tremendous growth over the past few years.
To combat TikTok’s video trend, YouTube is pushing its YouTube Shorts feature. Just recently, YouTube launched a new feature allowing creators to reuse part of another Youtuber’s public video when creating new Shorts as a remix. Similar to TikTok’s Stitch feature, creators can allow for their public videos to be used or not be used (opt out) for remixing. By default, all public videos are set to be opted-in across the entire YouTube Studio.
The exception to the rule is coyrighted music content from YouTube’s music partners.