Facebook now has to defend its dominance in the social media market where new entrants have forced the company to become more innovative.
While you might not have heard of it, you most certainly have seen it. TikTok, the video-sharing app owned by Chinese technology giant Bytedance, has shot to the top of the app charts in a remarkably short space of time. Tiktok was the most downloaded app in 2020 with 850 million downloads.
Facebook’s app has been seeing a continually decreasing number of monthly downloads over the previous 12 months. Although this isn’t anything new, we’ll dive into what might be causing this change
How is it possible that fewer people are downloading the Facebook app?
With only 60 million downloads in May 2020 and the number of downloads dropped to 54 million in June 2020. And last month April 2021, there were only 44 millions of downloads of the Facebook app which accounts for a 23% loss in the number of downloads in the last past 12 months.
While the mobile app space has become increasingly competitive, TikTok stood out as a clear market leader in Q1 of 2021. With over 52 million downloads in April 2021.
TikTok is showing real growth and usage in Gen Z both in the U.S. and abroad – As eMarketer pointed out this week, Gen Z users now using TikTok more than Instagram in the U.S, despite the U.S was trying to put a ban on it.
The tumultuous battle over social media apps has been ongoing. Social media platforms come and go, but there’s no doubt that TikTok is here to stay. It's currently hovering around 1 billion downloads for their Android app. Given that the platform is in its infancy, it’s worth exploring how this could impact your business.