TikTok came out of nowhere and took the social media and marketing worlds by storm. For 4 years running (2019-2022) TikTok has been the #1 most downloaded app. It’s adoption rate dwarfs the early years of Facebook, Twitter and the like. No platform has risen to the top as quickly and the impact it has had has shaped The entire industry.
YouTube shorts which have become a huge piece of the YouTube ecosystem might not even exist today if not for TikTok, the same goes for Facebook Reels. TikTok has been so transformative in how we consume media that the largest companies in the space can only copy the format to keep up.
Although the format has been transformative, the real power behind TikTok’s success is the algorithm. Unlike Facebook’s algorithm which delivered content based off of what and who you follow or YouTube’s reliance on what you search for and subscribe to, the TikTok model for delivering content is based on what the user pays the most attention to. It seems so simple, and so obvious once you think about it that it’s a wonder why giants like Google and Facebook didn’t think of it first. Perhaps it was just a case of sticking with what has worked, and not wanting to rock the wildly successful boat, but this is a cautionary tale on how complacency can be your downfall when you are at the top.
Not that Facebook and Google have remained complacent. Beyond launching Reels and Shorts respectively to compete, they are also reworking their algorithms for content delivery to be more in line with the TikTok way of delivering content based on user consumption. This is where the original question comes back into play.
Will TikTok stay on top?
While it currently shows no signs of slowing down there are some other factors in play. Content consumption for FB Reels and YT Shorts jumped dramatically in 2022 and with their built in user bases that are larger than TikTok, this has begun to level the playing field in terms of which platform is getting all of the attention.
There are some other factors that could significantly impact TikTok’s growth. One major factor is the focus on data privacy and the attention from lawmakers in the US. There are already bills being drafted to potentially limit or even completely ban use of the app in the states. The loss of the US market would be catastrophic to the growth of the platform. That being said, it could just be a political talking point that never sees the light of day, only time will tell.
The other factor however, is monetization. These platforms are only as good as the content that is produced for them so attracting the best content creators is what will win long term. Here is where TikTok falls behind. Their compensation models for content creators is by far the worst of the bunch lagging far behind Facebook and with Youtube having the most lucrative structure. This is understandable as Facebook and Google have had far longer to build their model but TikTok will need to catch up if they want to secure talent long term.
Ultimately, it will become a grab for the top talent. We will likely start to see exclusivity deals being formed with top creators forcing users to decide if they are more loyal to the platform or the creator. At the end of the day, content creators do this to make a living and will ultimately go where the money is. If TikTok does not figure out a way to better compensate their creators, we will likely see a migration of talent off the platform.
In conclusion, whether TikTok stays on top is up to them….and the users.
No matter which way it plays out, it is undeniable that TikTok has reshaped the media landscape for years to come.
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