Should Facebook copy TikTok to regain the lost market or users? It is being questioned as the social giant had aproblem with the video app in 2021. It is being said Tik Tok is eating Facebook from the inside. It is luring the users of Facebook and lately challenging Facebook too.
Facebook's parent company Meta Platforms said the revenue growth is the slowest in the past several years. It is just 7 percent year-on-year. Following the end of 2021, the growth of active users was under 2 percent. The company earlier blamed Tik Tok for the situation amid the Q1 user growth decline earlier this year. Stocks of Facebook are down this year by about 40 percent.
TikTok does not reveal such numbers. However, it is learned the platform had a growth of active users by 45 percent in Q1 this year compared to the same quarter in 2021.
Moreover, the TikTok is the first app in the world to surpass Genshin Impact, World of Warcraft and a couple of more such highly popular games.
A new threat for Facebook is the coverage of news in the TikTok app. News on TikTok became popular after the invasion of Russian of Ukraine in February of this year. Views related to Ukraine posts grew tremendously in the past three months and are about 40 billion now with hashtags of Ukraine.
Facebook has a similar video feed called Reels, which was launched in September 2021. However, it is argued the platform needs to go faster as about 37 percent of its monthly active users are simultaneously active on TikTok.
Facebook revenue was $27.9 billion in Q1 of 2022, which is an increase of 7 percent from the same quarter in 2021. Analysts expected the figure as $28.2 billion. At the end of the quarter, the platform had about 2 billion daily users.