Stock Groups

TikTok reaches 1 billion monthly users


TikTok app logo on the App Store.

Jakub Porzycki, NurPhoto and Getty Images TikTok has one billion global active users. This indicates steady growth for the short-form video application.| NurPhoto | Getty Images

TikTok revealed Monday it has 1 billion active global users, indicating steady growth of the short-form video app.

TikTok is owned privately by Chinese company Bytedance. It has seen a significant increase in its users during the Covid-19 epidemic.

Banner 3

TikTok claimed it had 55 million worldwide users as of Jan. 2018. This number increased to over 271 million users by December 2018, and 507 million by December 2019. The company reported nearly 700 million monthly active users last summer.

In comparison, Facebook said in the second quarter it had 3.51 billion monthly users across its family of apps, up from 3.45 billion in the first quarter.

The company did launch one of the best short-form videos apps and its competitors are racing to copy it. Facebook launched its TikTok clone, Instagram ReelsThis was broadly announced last August. Snap Spotlight, a feature similar to Spotlight was announced last year. Google‘s YouTube launched its competitor, Shorts, last September.

TikTok grew despite having a rough year. Due to the fact that Trump’s former administration considered its security and data storage as a security threat, TikTok was subjected to a series of setbacks.

TikTok was to be sold to an American company if it wanted to keep operating widely, with Oracle later being named as its “trusted technology provider.”

However, the White House’s elevation to President Joe Biden allowed TikTok to keep operating normally. In February, The Wall Street Journal reported that the Oracle deal had been “shelved indefinitely.” Biden this summer also signed an executive order that sets criteria for the government to evaluate the risk of apps connected to foreign adversaries

Subscribe to CNBC on YouTube.