The influencer marketing blitz by TikTok is nothing short of remarkable, reports Insider Intelligence/eMarketer.
In 2019, the app accounted for 2.3% of all spending on creator campaigns in the United States. TikTok’s market share will surpass Facebook’s 14.8% this year. Instagram will maintain its lead with 44.7%.
TikTok ad revenues in the United States will surpass $6 billion this year, according to the report and by the end of 2024, they will have surpassed $11 billion. Instagram’s numbers are far higher: close to $30 billion this year and over $40 billion in 2024. Nonetheless, TikTok will continue encroaching on its competitor’s territory as TikTok becomes more shoppable.