It’s no surprise that TikTok has seen explosive growth since we last covered the platform’s statistics in on our blog in 2022. As we head toward the fourth quarter of 2024, it’s a good time to take a look at the latest stats for TikTok advertising and consider how brands can use the information to their advantage.
TikTok’s Growth in Popularity
Updated TikTok user statistics show growth in popularity worldwide. While the average time spent on the platform has leveled out, new users are expected to continue to join its ranks.
- TikTok’s ascent has been swift. Its worldwide user base has increased by more than 93% since 2020 (465.7 million to 900.7 million this year). By 2025, the app is projected to have 955.3 million users.
- The number of US monthly TikTok users has reached 150 million, and nearly five million American businesses have a presence on the app.
- After surging during the height of the COVID pandemic, time spent on TikTok is levelling out. US adults are currently spending roughly 54 minutes on the platform per day, and, assuming it doesn’t face a nationwide ban, is forecast to become the top social network in daily minutes by 2025.
- Consumers feel a deeper connection to brands they interact with on TikTok. 41% of viewers say they trust a brand more after seeing an ad on the platform, and 31% say they’re more likely to be loyal to a brand after seeing their TikTok ad.
- This year, TikTok will make up 3.4% of the total US digital ad market, 2.7% of the total media ad market, and 12% of the total social ad market.
- One survey found that TikTok is the preferred format for short-form video content for 60% of ad buyers, vs. 19% who prefer Instagram Reels and 15% who prefer YouTube Shorts.
- TikTok has just over 1.5 billion monthly active users, making it the fifth most popular social media platform in the world. It trails behind Facebook (3.049 billion), YouTube (2.491 billion), WhatsApp (2 billion) and Instagram (2 billion).
- The United States has the largest collection of TikTok users globally with 148 million monthly unique users. This is a nearly 31% increase from last year.
- TikTok has been steadily growing since its inception and continues to do so. Predictions put TikTok at 2.2 billion users by 2027.
TikTok Demographics
The average age of TikTok users has increased as more people use the platform. However, overall, the audience still tends to be on the younger side.
- Gen Z represents 49.2% of total TikTok users in the US. Millennials account for 35.9% of users, Gen X for 14.1%, and baby boomers for 8.7%. The share of Gen Z users will gradually increase over the next few years, reaching 50.3% in 2026.
- 55% of TikTok users are women and 45% are men.
TikTok Advertising Revenues
Current TikTok advertising statistics also show continued growth year-over-year as the platform’s popularity increases.
- US TikTok ad revenues are projected to reach $10.42 billion in 2024 (representing more than 38% growth from 2023) and are estimated to hit $15.26 billion in 2026.
- US TikTok ad revenues per user are also forecast to increase this year, rising 31.1% up to $96.71, before climbing again all the way to $130.31 in 2026.
TikTok Shop
TikTok creates demand. 92% of TikTok users take some type of action after watching a video and 37% have purchased something they discovered through the app.
- Of TikTok’s daily users, 30% have used TikTok Shop.
- 71.2% of TikTok shop users have bought something after seeing it in their feed.
- 55% of TikTok users have made an impulse purchase on the platform. This is followed by 46% of Instagram users, 45% of Facebook users and 43% of X/Twitter users making impulse purchases on their respective apps.
- TikTok Purchasers by generation:
- 49% of Gen Z (18-26)
- 36% of Millennials (27-42)
- 23% of Gen X (43-58)
- 9% of Baby Boomers (59-77)
Is TikTok Advertising Right for Your Business?
Shockingly, only 26% of marketers are currently using TikTok. How do you know if it’s the right platform for your business?
If your customers tend to be Gen Z or Millennials and your product portfolio lends itself well to video, it might be time to invest in TikTok advertising. But don’t ignore those older users who could prove to be a profitable untapped market. The best way to find out is to book a meeting with our team now.
Other TikTok Advertising Resources
- Meta vs. Amazon vs. TikTok: Building Your Cross-Channel Digital strategy
- What Would a TikTok Ban Mean for Advertisers?
- How to Create a Strong Influencer Marketing Strategy
- Infographic: The State of TikTok Advertising 2022
