TikTok offers lower advertising fees than competitors on social media platforms, greatly increasing its market share.

(Reuters)

[Financial Channel/Comprehensive Report] TikTok offers lower advertising fees than competitors on social media platforms, greatly increasing its market share.

Advertisers, industry bodies and brands have disclosed to the Financial Times that more and more ad spending has shifted from Twitter and platforms such as Facebook and Instagram to TikTok due to lower costs and higher engagement.

TikTok, owned by China's ByteDance, has shaken up the social media industry in recent years, rapidly growing to more than 1 billion users globally.

The short-form video app, which first launched ads in 2019, is also selling ads at a lower price than rivals at a time when marketing budgets are shrinking.

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Data from VaynerMedia in 2022 shows that the cost of getting 1,000 impressions from a video ad on TikTok is almost half the price of Instagram Reels, a third cheaper than Twitter, and 62% cheaper than advertising on Snapchat.

TikTok has quickly become a platform for young, new consumers, prompting rivals to launch their own short-form video offerings, such as Instagram's Reels and YouTube's Shorts.

However, the Chinese-owned group has also drawn the attention of global regulators over safety concerns.

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