Trending Mobile App TikTok Meets Its Rival
Originally released as Douyin in China three years ago, the trending mobile app is now known as TikTok after its release in foreign markets the following year. The TikTok app allows users to create short video clips that are meant to be humorous or entertaining. Fortunately, the app has garnered tremendous results shortly after its global release. TikTok was the most downloaded free iOS app over the first half of 2018 and became the most downloaded free app on the Apple App Store and Google Play in the U.S. during the last half of the year. Not only did the app succeed in the US and Asian markets but it also proved to be popular worldwide, seeing how the app ranked third in the world as of November 2018 and remained global top four since June 2018 based on both Apple App Store and Google Play download statistics.
Although it is no question that TikTok thrived over the past three years, there is always a possibility of future competition hindering its growth. The app’s biggest U.S.-based competitor, Triller, may not have the same extent of active users and downloads as TikTok, but the app has gained a solid reputation in the music industry. For instance, popular hip-hop artists DJ Khaled, Tyga, and YG have used the platform to promote their music. One of the artists even sent the startup a plaque to acknowledge the app’s influence in helping his single go double-platinum. Triller’s chief executive pointed out that their app specifically focused on music to compete with the other video-sharing apps, which has successfully shown growth for music industry.
Furthermore, Triller has managed to renew long-term licensing deals with three global music companies whereas TikTok has yet to make deals with labels. Additionally, Triller’s latest funding from a film production company Proxima Media will be used for expansion into new markets and the creation of an ad platform for celebrities and brands. Taiwan's Fubon Financial Holding Co. and Indonesia’s GDP Venture also plan to help Triller spread into Asian markets, meaning it will compete with its China-based rival, TikTok. By the end of the year, Triller expects to have 30-40 millions users by the end of the year and $250 million in revenue by 2020.
Triller has shown promising growth as it capitalizes on the popularity of short-form videos while targeting a niche group within the large consumer base. If the app continues to show positive growth, it will definitely be a major threat to TikTok, but until then, TikTok will remain the leading app for the short-form video mobile app segment of the industry.
References:
Steele, A. (2019, October 24). TikTok Rival Triller Raises $28 Million in Venture
Funding. Retrieved from https://www.wsj.com/articles/tiktok-rival-triller-raises-28-
million-in-venture-funding-11571880493?mod=searchresults&page=1&pos=16.
TikTok Revenue and Usage Statistics (2019). (2019, February 27). Retrieved from
https://www.businessofapps.com/data/tik-tok-statistics/#1.
