The core group’s interest in TikTok has swiftly decreased by over 9%, based on data from stat reports provided by Data.ai. The fall happened quickly between 2022 and 2023, in contrast to the data from eMarketer forecasts, young individuals spend at least an hour a day in 2024—much more than YouTube, Facebook, Snapchat, or Instagram. So what happened to the buzz-creating social media app? Well! As the core group began their hectic schedules and responsibilities, life happened.
TikTok’s Declining Growth, Rumble Video Platform Offers To Buy TikTok: What’s In The Future Of TikTok?
The app grew in 2016 drawing the attention of several young users, but recently, the core user base is now transitioning into their busy lives with commitments, leaving them less time to watch videos on the social media app. This has caused an almost 9% reduction in the numbers among the age group of 18-24, reported between 2022 and 2023.
This Tuesday, Rumble’s share surged over 10% after the firm offered its willingness to buy and run TikTok in the United States. In a Twitter post, directly addressed to CEO, Shou Zi Chew, that Rumble is prepared to work as a cloud technology partner.
This was followed by the statement of one of the top Republican lawmakers who intends to call for a House vote on a bill that would require ByteDance (BDNCE) to sell the app or face a ban in the U.S. This initiative followed the Energy and Commerce Committee’s approval of the bill by a unanimous vote of 50-0, which is causing an increasing pressure on TikTok.
An offer for TikTok from our CEO @chrispavlovski pic.twitter.com/lIeZ6IXANU
— Rumble 🏴☠️ (@rumblevideo) March 12, 2024
The main motive is to force the Chinese Social Media App to cut ties with ByteDance, the parent company, over the concerns of China and data breaches. In 2020, former President Donald Trump tried to outlaw the video social media app but was stopped by the courts. Later on, Congress approved a measure to restrict the Chinese social media app from federal devices and the Biden administration launched an investigation over the security breach accusations.
Rumble’s acquisition of the Chinese social media app, however, may be a stretch given that, as of September 2023, the video platform only has 58 million monthly active users worldwide and over $267 million in cash and assets, meaning it is not yet profitable, according to Peter Thiel. In 2023, TikTok held the title of most valuable unicorn globally, with a brand worth assessed by Statista at $84 billion. Rumble is currently valued at $1.87 billion.
Source: EMarketer, Dat.AI
