Advertiser adoption on TikTok grew almost 5x year-on-year according to research from Appsumer, the app performance marketing company.
Adoption jumped from 4% in Q3 2019 to 19% in Q3 2020.
That’s an impressive result given that many advertisers dropped spending during the COVID pandemic.
Appsumer estimates that TikTok may have grown even quicker had marketers not turned to focus on core channels such as Facebook and Google during the pandemic.
Both Pinterest and Twitter ad adoption ranked lower, but TikTok still remains some way off from Snapchat.
However, share of wallet remains low for TikTok at just 0.3%. This could be due to some variance in the numbers and COVID-related declines in ad spend.
It saw higher share of wallet gains among smaller advertisers in Q1 2020 at 5.2% for advertisers spending less than $250,000. That share was 17.2% for Facebook and 11.6% for Apple Search Ads.
“Smaller spenders do tend to be early adopters of new channels as they seek outsized returns for their investment and are also more nimble when adopting new channels. This spend coming from smaller advertisers seeking outsized returns tends to be a good leading indicator of larger advertisers coming onboard too. So expect to potentially see the share of wallet and adoption increase amongst the mid and upper-tier of spenders for TikTok in the coming quarters,” Appsumer wrote in a blog post.
TikTok offers some benefits over large platforms as it’s not as saturated just yet.