Surprisingly, short-form video app TikTok has outperformed both Twitter and SnapChat in terms of advertising revenue, and is expected to catch up with YouTube in ad revenue by 2024 by reaching a level of $23.6 billion. In India, TikTok has been banned in 2020, along with a host of other Chinese apps. This year its global ad revenues are expected to reach $11.6 billion (2022), SnapChat and Twitter together clocked in $10.44 billion. On an average a TikTok user spends 19.6 hours per month on the app which equals the user time spent on Facebook. Facebook is registering decline in its user base especially among millennials and Gen Z.

Facebook currently has ad revenues $118 billion in 2021. TikTok’s rise worries Facebook.