<p><span style="color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">A visitor takes a photo at the booth of TikTok, a social media app of Chinese tech firm ByteDance, during a gaming fair in Cologne, Germany, in August. PhotoAgencies</span></p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">TikTok, a short-video app of Chinese tech firm ByteDance, is expected to ride out the advertising slowdown worldwide, as the Chinese-owned social media platform is likely to double its advertising revenue in , a new report said.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">The report, which was released by GroupM, a media investment company owned by global advertisement and public relations agency&nbsp;WPP, linked TikTok s success to the decreasing demand from advertisers for its rivals such as Meta and Snapchat.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Microsoft, which is considered to be less of a direct competitor for TikTok, has not witnessed such a notable drop in advertisement revenue, it said.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">GroupM predicted that the global advertising growth will reach . percent this year, compared with its June forecast of . percent given the economic downward pressure. The company also expected global advertising to grow . percent in .</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">China s advertising industry is dominated by the internet, the report said, estimating that more policies aimed at boosting the economy are expected going forward and ad revenue growth in China will rise to . percent year-on-year next year.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">TikTok generated nearly $ billion in revenue in , mostly from advertising, and its revenue is estimated to reach $ billion this year, according to the research firm eMarketer.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Online video advertising will generate over $ billion in and percent of those revenues will belong to TikTok, data from market consultancy Omdia showed. The advertising revenue from TikTok is expected to exceed&nbsp; s parent company&nbsp;Meta and video streaming platform YouTube s combined video ad revenues in , Omdia said.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Advertisers are beginning to move away from Meta and YouTube and towards TikTok to reach their vast follower base, said Maria Rua Aguete, senior director in Omdia s media and entertainment practice group.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">TikTok has overtaken other social media platforms to become the most popular place to watch videos in the United States, according to Omdia. It leapfrogged online video streaming service provider&nbsp;Netflix to become the second most popular app in the US, said Aguete. This is a platform which offers a huge audience reach and potential to advertisers which cannot be ignored .</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Omdia said TikTok has gained popularity among young consumers, a sought-after demographic by advertisers. This market has been traditionally hard to reach via channels such as traditional linear TV and other social networks.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">After a strong start in , worldwide advertising spending growth slowed significantly in the second half amidst global economic uncertainty.&nbsp;Nevertheless, the ad revenues still grew by almost percent year-on-year to $ billion this year, said global media investment and intelligence company Magna.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Global&nbsp;social media&nbsp;ad sales grew by just . percent to $ billion in , a far cry from the growth rates of percent to percent observed in the previous three years. Meanwhile, Magna anticipated social media&nbsp;advertising to increase percent next year.</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">&nbsp;</p>
<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">China is the world s second-largest ad market, accounting for percent of global advertising revenue, and the ad revenue from China is foreseen to rise percent on a yearly basis to $ billion in , according to Magna.</p>