But Google and Meta will continue claiming a larger share of the market at 28.2% and 22.3%, respectively.
According to forecasts by eMarketer, TikTok is set to boost its net US advertising revenue by 184.4% to touch $5.96 billion this year, from $2.1 billion in 2021. The predicted growth will give the ByteDance-owned company a 2.4% share of the projected $250-billion U.S. digital ad market, making TikTok’s share more than the combined ad revenues for Twitter and Snapchat.
The report also projects that TikTok’s US ad revenue will rise into double-digit growth starting next year. TikTok’s US ad revenue might top $11 billion in 2024, and the platform’s global ad revenue in 2024 is projected to touch $23.58 billion.
The US revenue will account for 46.7% of TikTok’s projected 2024 global ad revenue. Similarly, the platform’s 2022 share of the global digital market is expected to grow to 1.9%, up from 0.7% last year. On the other hand, YouTube’s global ad revenue is expected to record $23.65 billion in 2024.
[2 minute read]