Meta executives have admitted TikTok’s growing market power, especially among younger users, in a recent legal filing in federal court. We know social media platforms are always evolving and shifting. TikTok has recently started permitting up to 60 minute long videos, a move to compete directly with YouTube and bolster TikTok’s competition as a top platform.
In 2023, children and teenagers aged 4 through 18 spent an astounding 60% more time on TikTok compared to YouTube, reflecting a significant shift in user engagement. This trend underscores TikTok’s effectiveness in creating a “feeling of shared context” among friends, as users engage with the same memes and content.
TikTok has fully made its mark as the video-first platform, surpassing Facebook on many important metrics. Its strengths are in short-form video content, algorithmic ranking capabilities, and creative development tools – all areas that have Meta flailing to stay competitive. Mark Zuckerberg, CEO of Meta, acknowledged TikTok’s success as a substantial risk to his company’s business model while noting that it has contributed to slowing Meta’s growth.
Zuckerberg testified about these challenges, stating, “Just adding a new format (like we did with Stories) is not enough anymore. There are just so many other places for people to be.” His comments accurately capture an increasingly palpable fear within Meta that it’s losing relevance in the rapidly changing world of social media.
Adam Mosseri, head of Facebook’s Instagram, took to the platform to explain the situation. He reiterated that we need to start thinking about Facebook as a competitor, rather than the default place to discover content. He wrote, “TikTok is crushing Facebook,” exemplifying the vulnerability competitive pressure from TikTok’s success has created for Meta.
Stan has contributed a unique point of view to this dialogue. He pointed out that today, Meta is competing in a highly fragmented marketplace where other companies have emerged to directly challenge their growth. This regulatory fragmentation presents very specific challenges to Meta. Now the company is fiercely focused on keeping that userbase and proving it belongs in the current market.
John Hegeman further focused on TikTok’s position as the leader in short-form video content, with “no question … they’re clearly in the lead.” This statement underlines TikTok’s position as the agency’s biggest competitor. It’s completely revolutionizing the way users are watched and interacted with video content on social media platforms.
Each time TikTok does something, they’re innovating. With its recent rollout of longer video uploads, it soon will likely outpace YouTube in terms of engagement and user retention. According to the data that Meta shared with us, this trajectory is expected to continue. Only major shifts in Meta’s plans are likely to bring about a different result.
