TikTok has more than 800 million users globally; but an audience potential of over 2 billion
The CEO of the application is willing to open its algorithm and challenge other social networks to do the same
Currently there is talk of investors offering $ 30 billion for 60 percent of TikTok
It seems like a war sung between Facebook and TikTok, undoubtedly a duel that can further complicate the landscape for the Chinese application, however, it is willing to go the way that no other social or digital platform has done before.
Although it has been banned in India and on Wednesday, United States President Donald Trump declared that the North American country could take action against the short video app, things could take an unexpected turn.
The challenge opened by transparency
With just two months in office, TikTok CEO Kevin Mayer It has had to face the most difficult moment of the social network and, to do so, it is betting on one of the most questioned elements in this sector: transparency.
The executive published a letter in which he agrees that the platform will offer even more clarity to both users and authorities, almost in anticipation of the US government’s declaration.
About, Mayer said he plans to reveal how the TikTok algorithm works, something that no other social network has done so far, even more so, it launched an open challenge in which it asks Facebook and other companies in the sector that do the same -declaration to Twitter and Snap Inc.-.
“With our success comes responsibility and accountability. The entire industry has come under scrutiny, and with good reason. However, we have received even more scrutiny due to the company’s Chinese origins. We accept this and we accept the challenge of providing peace of mind through greater transparency and responsibility, « he said.
And he went further, in his text he positions TikTok as a company that does not expect it to become an obligation to respond to this so-called responsibility, so he highlighted what they have done on the subject.
“We will not wait for the regulation to arrive, but rather TikTok has taken the first step by launching a Transparency and Accountability Center for moderation and data practices. Experts can observe our moderation policies in real time, as well as examine the actual code that powers our algorithms. This puts us one step ahead of the industry, « he added.
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The consumer and innovation, their weapons
For the CEO of TikTok, his stance is clear and he plans to fight with the most valuable resources at hand to argue with public opinion and regulators, which seeks to stay in the US market (one of the largest and most important in the world). .
In that sense, put innovation as the first argument, a very valuable resource that the leading companies in all industries have (Amazon, Google and Apple are a perfect example). One that defended arguing that betting on it carries a cost, since innovations are not always received in a positive way when they break.
« Innovation is one of the defining characteristics of a competitive market. The introduction of a successful new product fuels growth and dynamism in any industry. It is unfortunate for creators, brands and the community at large that it has been years since a company appeared and reinvented what could be a social entertainment platform, ”said Mayer.
In this regard, it is worth noting that according to an investigation signed by Simon-Kucher & Partners, the 75 percent of companies ensures that product innovation to the best extent to counter the effects of price pressure.
In turn, he appealed to another very important asset for the company, which is the deep engagement they have with their community and the business opportunity this represents for a large number of American brands.
TikTok brought a unique and intuitive interface. It gave creators easy and powerful tools. It also encouraged the formation of inclusive and meaningful communities. In summary, TikTok brought successful competition to the market, « he said.
A business to protect
The letter from the CEO of TikTok is given in the context in which Google, Apple, Facebook and Amazon, They are appearing before the United States Congress on issues of transparency and market competition, hence the timing to make their position and their challenge public.
Although the app owned by ByteDance is somewhat distant from Facebook (2 thousand 498 million), YouTube (2 thousand million) and Instagram (one thousand million), the reality is that at the rate it is growing it will soon rival.
Currently has more than 800 million of monthly active users, which already makes it greater than Snapchat and Twitter, this without considering that it recently exceeded 2 billion downloads globally, which means that it has a huge audience potential.
Furthermore, a large number of brands have begun to reach the platforms because they see the potential to connect with their target audiences, hence a possible sale of TikTok is being speculated, for which investors have offered some 30 billion dollars to acquire 60 percent of the platform.
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