The competition is never far behind and in TikTok’s case this may be particularly evident given that the app has faced the threat of being banned in the US.
According to data by SensorTower, competitors like Triller, Zynn, Dubsmash, and Byte are now ranking consistently among the top five most downloaded video apps in the US since January 2020.
TikTok commanded the highest number of installs back in January at 76% while the remaining four took around 24%.
But by August 2020, its share dropped to 44% – that’s a 20 percentage point decline – while the competition rose to 56%.
Overall, monthly active users on iOS and Android devices rose 12% from July to August and were up 49% from January for the four competitors combined.
It seems users aren’t abandoning TikTok just yet. MAUs jumped 51% from January to August. Meanwhile, spending in-app now stands at $592 million for TikTok.
But Triller and the likes shouldn’t be TikTok’s only worry. Instagram recently launched its Reels platform and Facebook unveiled Lasso earlier this year.