Mark Zuckerberg, the CEO of Facebook parent company Meta, also identified TikTok as a formidable threat this week. “People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly,” he said during Meta’s fourth-quarter earnings call on Wednesday. Unlike Snap, which is still growing its user base and showing better-than-expected revenue growth, Meta disappointed investors with its earnings report this week, wiping out more than $200 billion of its market value in a day — beating the record it previously set in 2018.
So while the business development of Snap and Meta has been revealed, it’s worth noting that they both see TikTok as a competitor. Whether it’s a story or a TikTok video feed, a compelling new format can quickly get your attention. Snap has now invented a ubiquitous format, but now Meta is catching up with it.
