Since launching in the US in 2017, social video app TikTok has exploded in popularity. But after nearly doubling its US user base last year, growth for the Chinese-owned app will slow in the coming years as competition heats up and concerns grow among marketers.
Gong told the Asia Times in August 2019 that the cost to hire actors and actresses has gone down significantly, from between RMB80 million to RMB120 million ($12.0 million to $18.1 million) in H1 2018 and earlier to the current RMB40 million to RMB50 million ($6.0 million to $7.6 million). This is because of new government regulation to cap actors’ salaries at 40% of total production costs.
TikTok, the Chinese short-video app, is taking off in the US, India and elsewhere. It offers many unique marketing opportunities, such as the Hashtag Challenge, but marketers should take note of some risks.
The global payment market will hit a major milestone in 2020: 1.06 billion people are expected to make a proximity mobile payment. But even as countries like China and Sweden take steps toward a cashless society, most of the world will still rely on cash and cards.