What’s new: Recent developments in the social media industry have opened the door for TikTok to emerge the major player.

While Facebook and Instagram’s CEO, Mark Zuckerberg, has made a risky bet on the Metaverse and Twitter continues to experience internal turmoil following Elon Musk's acquisition - TikTok has seen huge growth in user base and engagement.

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What is matters (for marketers): Not only is TikTok popular among younger demographics, it has also gained a significant following among all age groups.

Its unique format, which values the quality of content over the size of the account, allows for both challenger brands and established players to have a chance at success.

For many young people – TikTok is also used as a search engine, so it's important brands have a presence.

What’s Next: TikTok has also begun to branch into e-commerce. In 2022, users were able to purchase fresh food and groceries directly from the app, with companies such as Pasta Evangelists and The Veg Box company leading the way.

What about YouTube Shorts? Many brands are building up their audience on YouTube Shorts ahead of a new scheme launching in Feb 2023, where a new revenue sharing program for creators is launched – which could give the platform a huge boost.

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