While there have been rumors of potential buyers of TikTok, many companies and brands have taken it upon themselves to develop a competing app or feature in their existing platforms.
After the huge explosion of TikTok worldwide, other brands and platforms had already started developing their own video/music sharing software. Now that TikTok is banned in the United States these platforms are rushing in to try and fill up that gap, by releasing their own ‘version’ of TikTok (or just release new features in their existing successful platforms).
The Clash of the Titans
Some competitors who’ve set their sails toward becoming the new biggest dominating video-sharing platform worldwide are already big-established brands such as Instagram, who recently released their new in-app feature Instagram Reels.
Of course, Snapchat “has entered the chat” as well and is yet another example of a well-established, already successful social-media platform and give it a TikTok-style upgrade to keep their ‘viewers’. Moreover, TikTok allegedly has been put on a list of Netflix’s competitors, which makes clear how even the biggest streaming platforms are fighting for their viewers’ watch time.
The big fish
Actually TikTok had already bought up several competitors who had dominated the market of video-sharing apps in the past, such as Musicly – the successor to Vine – in 2017. And so they rebranded Musicly as TikTok outside of China. For the time it was a smart and inevitable step to make. It made their domination of the global market a fact, at the time, as long as it lasted.
The big ban: the aftermath. So what’s next?
Recently software company Oracle has confirmed that it is part of a proposal from TikTok’s mother company to the American government. This has to prevent that the app will be permanently banned from the United States. Minister of finance Mnuchin said the proposal is received and they will take a look at it an upcoming week. The sales deadline is not today, but the upcoming Sunday.
Oracle says in a brief statement that it will serve as a “trusted technology partner.” This most likely means that if the proposal is approved, the company will be responsible for TikTok’s US user data.
@whatchugotformeHow to tiktok♬ original sound – whatchugotforme
The battle for domination of the global social media market
According to sources from The Wall Street Journal and Reuters news agency, the app will not be sold. It is not yet clear what the exact distribution will look like. In fact, with this step, Oracle would become the hosting provider for TikTok America. The Financial Times also suspects that the software giant is likely to get a minority stake in the company.
Chinese state television said earlier today that the source code will not be released in any case. That could be in line with the proposal, which concerns US user data. TikTok’s algorithm would remain in the hands of ByteDance, the parent company.
It is as yet unclear whether the US and China agree with this construction.
TikTok hits 100 million users in Europe
Last Monday, September 14th TikTok revealed more than 100 million people across Europe are active on TikTok every month. Read more in our article TikTok hits 100 million users in Europe.