"The problem is ad dollars are certainly competitive and probably more so than he even realized. "Evan and team have been right that the usage of Snapchat is not affected by the usage of TikTok," LightShed Partners co-founder Rich Greenfield told Insider. But when it comes to ad dollars, everyone is fighting for the same pie.
Its video platform competes more directly with social-entertainment apps like YouTube versus Snap's messaging product. TikTok's growth isn't hitting every platform equally. People are fickle and you never know how quickly their attention will change." "TikTok is doing the same thing in the same space. "TikTok is a problem for all the social media giants," Laura Hoy, equity analyst with Hargreaves Lansdown, told Yahoo Finance. It's predicted TikTok's digital ad revenue would triple to nearly $12 billion this year, representing 1.9% of the market, surpassing Twitter and Snapchat combined. Insider Intelligence ranks it as the third biggest social platform after Facebook and Instagram. Snap and the rest of big tech also are feeling the brunt of fallout of Apple's privacy change, along with economic uncertainty, supply chain disruptions, and the Ukraine war.īut ByteDance-owned TikTok is increasingly getting blamed for rival platforms' troubles, with Meta and Snap even acknowledging the app's threat on recent earnings calls.
Snap's dismal 2Q earnings this week are another indication that ad spending is slowing - and another sign of the havoc TikTok is wreaking on its more established social media rivals as it continues to grab market share. Spiegel's outlook on TikTok may no longer be so chummy. And I think most importantly, the value they provide to their community is very different than the value we provide to ours." With Snap Kit, they're an advertising partner for us. "We definitely consider them a friend," he told investors during the Snapchat parent's Q3 2019 earnings call. In October 2019, when asked if TikTok was a friend or foe, Snap CEO Evan Spiegel chose the former.
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