While Facebook might have global name recognition, TikTok is a giant in the social media space, especially in Asia. The app was created by Chinese company ByteDance, which has been privately valued at $75 billion according to Reuters, putting it on par with the country's biggest tech companies. But it's not without its problems -- the app recently came under fire with claims it was a "hunting ground" for abusers.
In a world where social media platforms like Facebook and Instagram are constantly iterating to stay relevant and updating to woo young users (even attempting to create their own versions of the video sharing app), TikTok is a force to be reckoned with.
The 1 billion download figure is also only part of the story -- it includes TikTok's lite app versions and regional variations, according to Yeh, but not the number of downloads the app has received on Android in China (where it is known as Douyin). It also only points to how many times the app has been downloaded, but not how many of these users stick around and stay active.
See the full story here: https://www.cnet.com/news/tiktok-gaining-on-facebook-with-1-billion-downloads-according-to-reports