From the past year, TikTok has gained quite a large community and worldwide popularity. According to Wikipedia, TikTok is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based company founded in 2012 by Zhang Yiming. It is used to create short dance, lip-sync, comedy, and talent videos. The app was launched in 2017 for iOS and Android in markets outside of China.

The success of TikTok has inspired YouTube to come up with an idea and now the company is developing an app which they are calling “Shorts” to compete with TikTok. Shorts will allow you to post the short videos on your feed in the app and it is planning to lure them with its rich licensing music library.

Cómo es Lasso, el clon de TikTok que Facebook prueba en México — The LASSO app by Facebook

Few other social media giants are also working on projects which will compete with TikTok. Facebook has already been testing an app called “Lasso” in some markets like Brazil, whereas, Instagram, on the other hand, is testing “Reels” tools to compete with TikTok.

20 TikTok Stats for Marketers: TikTok Demographics, Statistics ... — Picture credit: Mediakix

Reportedly, TikTok has 800 million active users worldwide. Previous year TikTok amassed $176.9 million in 2019, 71 percent of its all-time gross total of $247.6 million. It has been downloaded over 1.5 billion times on the App Store and Google Play.