TikTok advertising revenues are expected to triple to $12 billion in 2022, up from $4 billion in 2021.
That’s according to a report from LatePost, the Chinese media outlet, which highlights that the social media giant almost doubled its ad tools and products last year.
Global ad revenues could reach around $24 billion by 2024.
The video app will have 1.5 billion monthly active users in 2022, making it the most popular social video platform as its popularity continues to attract creators and viewers.
“It has moved well beyond its roots as a lip-syncing and dancing app; it creates trends and fosters deep connections with creators that keep users engaged, video after video. Advertisers want to reach a passionate, dedicated audience, and TikTok can deliver that,” said Debra Aho Williamson, Insider Intelligence principal analyst.
Last year, the company made a significant investment in overhauling its branded content policies for more influencer marketing activities. It also implemented social commerce features and added creator tools such as tipping while also launching a dedicated TV app for larger screens and signing up with Atmosphere for licensed, curated videos.
However, the app is still somewhat off from attracting brand trust compared to Meta and Google.
49% of brands have not yet posted to TikTok, a Kantar study found.