TikTok took the world by storm, isn’t it? It didn’t stop just there! Soon after, Instagram introduced a feature named reels inspired by the platform. Indeed, entrepreneurs witnessed massive popularity and success obtained by the entertainment platform and began moving on the same pathway to serve their customers with some hot ideas.
For all those unfamiliar, a platform like TikTok enables app users to record, upload, and share videos on the platform. Not only this, but the app offers a wide variety of features, including video editing, filters, and numerous other tools.
Talking in figures, the platform is used by around 800 million users each month, and the average time spent on the app is about 50 minutes a day.
Could you develop an entertainment app similar for higher revenue generation? Sounds like a great idea, right? If you’re willing to work on the concept, get in touch with the best on-demand app development company to get started.
But before that, we have unveiled more about the construct in this article. So, begin reading!
What’s the Reason Behind TikTok’s Success?
The platform has a well-deserved recognition because of some of the best features integrated within the mobile app. While building an app brimming with features is not mandatory, it is significant to emphasize unique functionalities and add value to the customer’s experience.
Take a look at some of the advanced features integrated by TikTok that helped the platform bag immense success:
1. Preview Before Registration
TikTok has rolled out a feature allowing its users to view some popular videos without signing up for the platform. However, users must sign up to perform actions like commenting, sharing, etc.
2. Augmented Reality Filters
AR filters have become a prevalent entertaining factor, initially introduced by Snapchat. App users can use these filters to experiment with their appearance, like changing their hair color, eye color, and whatnot!
3. Real-Time Analytics
The real-time analytics feature displays the number of people currently streaming and watching videos represented by a graph.
4. Stitch
The Stitch feature of the TikTok platform is one of the latest additions and enhances how people interact with the content. The feature allows users to take snippets from videos, trim them, and upload them to their accounts.
The advantage?
The feature allows people to revamp others’ content and post on their accounts if they cannot produce content.
5. Duets
This is one of the platform’s most popular features, as it allows app users to publish videos in collaboration with other people’s content. Notably, the producer’s video is displayed along with the user’s video on the screen, and both clips play simultaneously. Undoubtedly, the feature is designed to invite more engagement.
6. NFT
TikTok is now incorporated with NFT, which was introduced when the platform surpassed its 1 billion active users mark. Thus, the first wave of content came from creators, including Lil Nas X, Grimes, and many more.
Choose the Best Monetization Model for Your TikTok-Like App
Listed below are some of the key monetization strategies opted by entertainment platforms like TikTok:
1. Advertising
If you want to get your hands on financial success like TikTok, it is significant to note that the app is a powerful tool for advertisements and branding. Thus, the model is dependent on three critical ad models for revenue generation, including:
– Cost per view
– Cost per click
– Cost per action
– Fundraiser
2. In-App Purchases
In-app purchases are another best way via which TikTok makes money. The company rewards users with in-app coins that can be given to influencers during live shows. While influencers only receive 50% of the share, the rest of the coins are given to TikTok, App Store, and Play Store as they charge a fee for in-app purchases.
The Cost of Building An App Like TikTok
As mentioned a lot other times, the cost of app development relies on several factors, including choice of the platform, developer’s cost, tech stack used, project complexity, etc. However, two other factors impact the app pricing, and nobody’s talking about them.
Take a look:
1 App Design
Creating a user-friendly mobile app is vital and can be challenging regarding money and time invested. However, a valid investment made once can result in profits for a lifetime and will help acquire customer loyalty towards the platform.
If you’re unsure where to start, a top-notch mobile app development company in Dubai has your back!
2. GDPR Compliance
GDPR compliance is a law that provides consumers greater control over personal data. It is a compliance law that applies to any organization, and failing to meet the same may lead to hefty fines.
In a Nutshell!
Social media applications akin to TikTok have gained immense popularity within the Gen-Z demographic. This dynamic platform effectively addresses the needs for entertainment, information dissemination, interactive engagement, and strategic marketing efforts.
All you need to do is partner with the right firm, and begin climbing the success ladder.
Happy innovation!
