FB - TikTok Became a Bigger Threat to Snapchat in 2020
ByteDance's TikTok topped the 2020 app download charts in the U.S. and around the world as users continued to flock to the short-form video app. Eighty-nine million American smartphone users installed TikTok in 2020, according to data from Apptopia, besting Instagram (62 million), Facebook (NASDAQ: FB) (53 million), and Snap 's (NYSE: SNAP) Snapchat (51 million) by a wide margin.
Despite the popularity of the foreign app, both Facebook and Snap managed to keep growing in 2020. Snapchat added 6 million North American users for the 12 months ending in September, and Facebook added 7 million in the same period. (Facebook doesn't report user numbers for Instagram.)
Investors are more bullish than ever on Snap. But as TikTok continues to penetrate the market, it's likely to take away time spent and user engagement from other apps. And Snapchat is most likely to see engagement drop with the rise of TikTok.
For further details see:
TikTok Became a Bigger Threat to Snapchat in 2020