For more insights and key statistics on the biggest trends in today’s most disruptive industries, subscribe to our Chart of the Day newsletter.

TikTok’s influencer marketing takeover is nothing short of astounding. In 2019, the app accounted for 2.3% of US spending on creator campaigns. This year, TikTok’s share will reach 15.5%, beating Facebook’s 14.8%. Instagram will remain on top with 44.7%.

Beyond the chart: This year, TikTok ad revenues will approach $6 billion in the US. They’ll surpass $11 billion by the end of 2024. The figures for Instagram are far higher: close to $30 billion this year and more than $40 billion in 2024. Still, TikTok will continue to encroach on its rival’s turf as the ByteDance-owned app gets even more shoppable.

More like this:

• Article: How US brands leverage content creators
• Article: TikTok is having trouble keeping up with its own growth
• Report: Influencer Marketing 2022

Read yesterday’s Chart of the Day here.

Note: An influencer is an individual who can sway the brand preferences, buying decisions, and loyalty of a broader population, regardless of follower count. Examples include celebrities, public figures, YouTube/Instagram/TikTok creators, and subject matter thought leaders/experts.