<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 under Chinese tech firm ByteDance, is expected to ride out the global advertising slowdown, with the social media platform likely to double its advertising revenue in , a new report said.</p>
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<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, released by GroupM &mdash; a media investment company owned by global advertisement and public relations agency WPP &mdash; attributed TikTok s success to decreasing demand from advertisers for its rivals like Meta and Snap.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Microsoft, however &mdash; which is considered to be less of a direct competitor to TikTok &mdash; has not witnessed such a notable drop in ad revenue, it said.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">GroupM predicts global ad revenue growth will reach . percent this year, compared with its June forecast of . percent, given the downward worldwide economic pressure. The company also expects the ad industry to grow . percent in .</p>
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<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 sector 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 stand at . percent next year.</p>
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<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 expected to reach $ billion this year, according to research firm eMarketer.</p>
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<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 ads are expected to generate over $ billion in , percent of which will belong to just one company &mdash; TikTok &mdash; data from market consultancy Omdia showed.</p>
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<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 toward TikTok to reach their vast follower base, said Maria Rua Aguete, senior director in Omdia s media and entertainment practice group.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Ad revenue from TikTok is expected to exceed s parent company Meta and video streaming platform YouTube s combined video ad revenues by , according to Omdia.</p>
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<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, Aguete said. Our research showed TikTok leapfrogged Netflix to become the second most popular app in the US, with only YouTube retaining the crown for under s viewing.</p>
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<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 in 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>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">TikTok s journey has been very interesting and it s clear that their model works. This is a platform which offers a huge audience reach and potential to advertisers which cannot be ignored, Aguete said.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">A pullback in advertising spending cramped YouTube s revenue in the third quarter, with Google s video platform notching $. billion in ad sales, a decline of . percent from a year earlier, representing its first year-on-year drop in at least two years.</p>
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<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 amid global economic uncertainty. Nevertheless, ad revenue is likely to grow by almost percent this year to $ billion, said global media investment and intelligence company Magna.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">Magna said global social media ad revenue will likely grow by just percent to $ billion in amid multiple headwinds, such as peaking reach and usage alongside brand safety concerns, a far cry from the growth rates of percent to percent observed in the previous two years.</p>
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<p style="margin: 0px 0px 15px; vertical-align: baseline; color: #777777; font-family: 'Open Sans', sans-serif; font-size: 15px; background-color: #ffffff;">TikTok is the only social media owner to post advertising growth, while incumbent social networks are suffering flat or declining ad sales, especially in Europe and North America. Meanwhile, Magna expects social media ads to re-accelerate and increase by percent in .</p>
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<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 ad revenue from China is expected to rise percent on a yearly basis to $ billion in , Magna said.</p>