Editor’s note: A version of this post was previously published by ValueChampion, a research firm that aims to help consumers make smarter decisions with their money.

The rise of Tiktok, Bytedance’s short video-sharing app, is no secret. It has made Bytedance the highest-valued startup in the world. What is less appreciated is the challenge is poses to the established social networks Facebook, Instagram, and Snapchat. With daily downloads on par with Instagram across many Asian markets and the United States, it has displaced Snapchat as Facebook’s biggest challenger.

In parts of Asia, TikTok, known as Douyin in China, is already beginning to overtake Instagram in terms of downloads. For example, TikTok ranked as the most downloaded Photos & Videos app on the Apple App Store in India from November to January, while Instagram lagged behind at 3rd place behind Youtube. In other Asian countries like Korea, Japan, Taiwan, Singapore and Hong Kong, Instagram and TikTok were neck and neck in terms of their download rankings, further demonstrating that Instagram’s dominance over this category of apps no longer remains unchallenged in the region.

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DJ Kang

DJ Kang is the CEO of ValueChampion. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at...