Snap's CEO Thinks TikTok Is a Big Threat to Instagram
Snap (NYSE: SNAP) CEO Evan Spiegel loves TikTok, the short-form video-sharing app that zoomed past Facebook (NASDAQ: FB) and Facebook-owned Instagram last year to become the second-most downloaded app. (WhatsApp held the download crown at No. 1.)
TikTok's parent company, privately held ByteDance, reported 1.5 billion monthly active users and 700 million daily active users across its family of about a dozen apps in July. Spiegel thinks there's a strong potential for TikTok to grow bigger than Instagram and draw engagement away from the popular social media app.
At the annual Digital Life Design Conference in Munich, he likened the landscape of communication technology and social media to a pyramid: "At the base of that pyramid -- the very broad base -- is self-expression and communication. And that's really what Snapchat is all about," he told the audience. "As the pyramid gets narrower, you sort of have maybe the next layer, which would be like 'status.' ... And then sort of at the top of the pyramid, which I think is represented by TikTok, is really talent."
Source Fool.com
