Snap just got an upgrade, but analysts warn TikTok is a looming risk in the fight for ad dollars
In a research note Friday, Bank of America analysts outlined reasoning for the upgrade, but listed one risk: "Pressure from TikTok" appears to be behind an expected decline in monthly users on Snapchat., but said consumers use Snap and TikTok for different purposes.
"In our view, many consumers use both applications interchangeably for different use cases, Snap being a private, community driven messaging and professional content platform and TikTok being a 'viral' short video sharing application," they wrote. "In our view, the current TikTok interface, which consists of mainly 'viral' short-form video does not pose a significant threat to Snap's use case.
However, the analysts wrote, "We think there is some risk of TikTok making product changes that move closer to Snap's core functionality, and TikTok will likely compete for ad dollars."eMarketer Principal Analyst Debra Aho Williamson said in an emailed comment that Snapchat will start to feel more competition for user time and attention from TikTok, if it hasn't already.
"Both apps feature vertical, short, user-generated videos. Although teens use the apps in different ways, the allure of watching and creating TikTok videos is currently very strong in this demographic group," she wrote.
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