The State of TikTok in 2020: new CEO, now taking over the world ??????

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TikTok, the world's hottest social media app, has appointed Disney executive Kevin Mayer as its new CEO. He will play a crucial role in TikTok's ambitious plans to become the next Disney or Facebook.

TikTok, Bytedance and world domination

With over 2 billion downloads in only two years, TikTok is the most popular social media app among Gen Z and young millennials. It has even surpassed Facebook and Instagram regarding product design and the use of machine learning to personalize content recommendations. Most importantly, it offers unique, viral content generated by the most creative young influencers, who vastly prefer TikTok over other platforms.

TikTok's Chinese parent company Bytedance is the most valuable startup in the world, with a private valuation of >$100bn. For comparison, Netflix and Disney are currently valued at $200bn and $220bn respectively. Bytedance also owns Douyin, the Chinese version of TikTok as well as popular news app Toutiao.

TikTok received 315 million downloads in Q1 2020 alone. But being the world's hottest social media app is not enough for TikTok, it has much bigger plans. It wants to grow into a global entertainment powerhouse, comparable in size to Disney itself or even Facebook. With the U.S. being their most important market, they need world-class, international management. This is where Kevin Mayer comes in.

Kevin Mayer almost became Disney CEO, now lands a dream job

Kevin Mayer, a 20-year Disney veteran, was responsible for major acquisitions like Pixar, Marvel and Lucasfilm, and the extremely successful launch of streaming service Disney+ (50m subscribers in only five months). Given his stellar track record, Mayer had hoped to succeed longtime Disney CEO Bob Iger. However, it was Bob Chapek, the executive in charge of the Disney parks, who recently was named CEO. Fortunately for Mayer, TikTok came knocking at his door.

Kevin Mayer will be the CEO of TikTok and the COO of Bytedance. His M&A and deal making experience could help TikTok to move new areas such as music and gaming. Talent development is another key area. Superstars like Selena Gomez started their careers at Disney. The new icons of the 2020s will be TikTokers like 16-year-old Charli d'Amelio, who has gained 50m followers in less than a year!

Last but not least: as a well-respected American executive, Mayer could also help to improve TikTok's relationships with US regulators, who had been critical of the company.

TikTok will become a super app and the new Facebook

TikTok's potential going forward is enormous. It will become a huge player for brand advertising and then expand into social commerce, live streaming and gaming. It's already the most important app for discovering new music and making songs go viral.

Is Mayer the right person for the job? While very successful, he is not a natural fit for TikTok. He comes from the world of old media and is not a digital native. He is not a product or advertising expert, both critical skills in his new job. Mayer will probably focus on his great strengths, strategy and expansion, while product-related decisions will continue to be made by product genius Alex Zhu.

In any case, this will be a fascinating story to watch over the next years. Bytedance could become a $500bn company, which would be twice as big as Disney and almost as big as Facebook is today. Kevin Mayer has landed one of the most exciting jobs in the world and could become a billionaire in the process.

My predictions ??

1. TikTok has incredible momentum and will soon be more relevant than Instagram (it already is with people under 25)
2. TikTok will become a super app: videos, live streaming, commerce, music and gaming
3. Kevin Mayer gets one of the best jobs in the world and will become a billionaire

My personal take on TikTok

I am a big fan of TikTok and have been following them since 2018. At first, I was just curious about it, but now it’s genuinely my favorite social media app.

The product is awesome and the content is really fun and creative. From a business perspective, their strategy and execution have been brilliant so far and I can really see them take over the world of social media. I am very excited about their next steps when it comes to longer-form video (competing with YouTube), live streaming social commerce, gaming and music.

If you haven’t downloaded TikTok yet, do it NOW! Otherwise you are missing out on the biggest story of the next five years.

What YOU should do now

1. If you are a company: make TikTok a major part of your marketing strategy today! Don't be the guy/girl who completely misses the boat! ???♀?
2. If you work in marketing and media: become a TikTok expert ASAP, it's that important!
3. If you have never used the app before: go download it now! It's very fun and a brilliant product.

I hope you enjoyed the article. Have a great day!

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