TikTok is hot on the heels of Instagram to becoming the top social media platform for influencer marketing. It has since beat YouTube, Facebook, Twitter…
In 2018, Musical.ly rebranded as TikTok. In a little over two year’s time, the social media platform where users post short videos is now giving heavyweights sleepless nights. It is fast eating into their market share previously dominated by the likes of YouTube, Facebook, and Twitter. As a matter of fact, TikTok currently comes only second to Instagram in terms of marketers’ expenditure on influencer marketing. That is according to research by Linquia, an influencer marketing platform.
Linquia says it ran a survey involving 163 enterprise marketers working for companies making over $1 billion in revenue. Linquia asked about the marketers’ budgeting for the year 2021. Surprisingly, the marketers are increasingly apportioning more budget allocation to TikTok compared to previous years.
68% of the respondents in the survey said they plan on using TikTok as the main platform for influencer marketing. The same survey done in early 2020 shows just 16% of the respondents were looking at TikTok for influencer marketing. Surprisingly, the survey also shows a 79% decline in the number of marketers looking at Facebook for influencer marketing.
TikTok giving Instagram a run for its money
As of now, Instagram still leads as marketers’ go-to platform for influencer marketing. However, the Facebook-owned platform has a dwindling lead over TikTok and has even forced to innovate to widen the lead gap. Instagram in 2020 launched a new platform where users can share vertical videos called Reels.
On Reels, users can share vertical videos running for 15-30 seconds. However, in the Linquia survey, just 36% of marketers expressed their interest in allocating budget for using Reels. In fact, when it comes to short video content, TikTok bags the number spot for the majority of marketers.