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Friday, March 10, 2023
TikTok has curated a large following in the United States and Europe, with its app revenue market share surpassing those of older social media networks like Instagram and Facebook - both U.S. owned. In the United States, TikTok's share is already comprising 26 percent of the market, far ahead of Instagram's 14 percent.
TikTok's growth rate is exceptional, with an average of 340 million new active users per year from 2018-2022. It surpassed Instagram in 2021 with over 1 billion users and is expected to reach 2 billion by 2024.
Source: Statista (a), Statista (b)