How TikTok’s Owner Became The World’s Most Valuable Unicorn

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How TikTok’s Owner Became The World’s Most Valuable Unicorn ( how-tiktoks-owner-became-the-worlds-most-valuable-unicorn )

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The algorithmic curation and incentives drive a sticky, addictive user experience with engagement metrics that handily outperform those of many other social media platforms. The average session duration on TikTok was 294 seconds as of October 2018, compared with Facebook’s 208 seconds, Instagram’s 144 seconds, and Snapchat’s 80 seconds, according to App Annie. Source: Digiday In addition to the advertising model typical of other social media apps, TikTok generates revenue from in-app purchases. Users purchase coins which they can give to their favorite creators, who can then exchange the coins for digital gifts. User spending on TikTok is increasing even faster than user acquisition: as of April 2020, lifetime user spending totaled $456M — more than 2.5x the $175M the app generated when it reached 1.5B downloads, according to Sensor Tower. While TikTok’s growth is unquestionably impressive, the app is not without its critics. TikTok’s algorithmic, engagement-driven business model places it squarely within the “attention economy,” which has drawn concerns about the associated psychological effects and the prevalence of user surveillance. For example, Reddit CEO and co-founder Steve Huffman recently said that TikTok’s technology for monitoring users was “truly terrifying.” There are also concerns about the app’s approach to user privacy. US senators called for investigations into the app’s privacy policies in response to reports that the company had not followed through on promises to delete content created by users under the age of 13. 6/17

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