China's TikTok Ranks as Top Social Media App of January
Short-video app TikTok was installed 104.7 million times in January, followed by Facebook and Instagram.
TikTok, developed by Beijing-based ByteDance, was downloaded 46% more last month than a year ago. In the United States, nearly 7.7 million users installed the video-sharing app, at a 28% increase year-over-year, according to data from Sensor Tower.
The app ranked top in the App Store and Google Play worldwide and in the U.S. Facebook followed, with 61.9 million installs, up 1.5% year-over-year.
Other top five most downloaded apps were Facebook-owned Instagram, Singapore-based short video sharing app Likee, and multimedia messaging app Snapchat.
Indian consumers embraced TikTok in January more than any other nation's consumers; downloads of TikTok represented 34% of total app downloads. The app accounted for 10% of total app downloads in Brazil in January.
TikTok, targeting young people, has been downloaded more than 1.5 billion times with 800 million users across 154 countries. Users of TikTok, 60% of whom are Gen Zers, can create 15-second videos in 75 different languages.
The entertainment app has been download 123 million times in the U.S. alone, according to data from social media advertising site Wallaroo Media.
The profitable giant's in-app purchase revenues in the fourth quarter 2019 reportedly grew over 300% from the same period in the previous year, topping $50 million, according to Techcrunch.
Despite its popularity, TikTok, like Huawei, has U.S. authorities concerned about its potential connection with the Chinese government--and how that may impact U.S. national security.
The U.S. Army announced in January that U.S. soldiers can no longer have the social media app on government-owned phones, a move that followed the U.S. Navy's ban of TikTok.
There is much investor interest in the parent company, ByteDance, going public. Rumors circulated in October that the company would IPO in Hong Kong in the first quarter of 2020, which was denied by the company.
Investors, no doubt, will continue to download the app as they wait patiently for the day they can trade the stock.
Seneca Stock Jumps 12% on Suzhou Facility Completion
AMC Stock Down 4% on Debt Restructuring Talks
Chinese Oil Players Gain as Crude-Oil Jumps, Luckin Plunges 76%
Chinese Coffee Company Runs Out of Luckin; Stock Tanks 85%
Your Week In Brief
Hong Kong Oil and Gas Stocks Gain on Trump's Optimism for Potential Saudia Arabia-Russia Deal