How Facebook, Instagram, TikTok, and YouTube compete to attract audiences and creators.
In early 2023, the entertainment app TikTok reached close to one billion users globally, placing it fourth behind the leading social networks: Facebook, YouTube, and Instagram.
FELIX OBERHOLZER-GEE: The key issue in the case is one of imitation. So if you take any strategy course at HBS, I think the one thing that you will remember for the rest of your life is that, ultimately, all financial success comes from differentiation. You got to figure out a way how to be different, how to build a business that creates value in ways that the competition cannot easily emulate.
FELIX OBERHOLZER-GEE: So Facebook remains the granddaddy of social networks, so it’s huge in reach. Lots of people still spend a lot of time. It’s not aging well, I think, is fair to say, in that it doesn’t really catch on with younger generations.
FELIX OBERHOLZER-GEE: Yeah, so there is an aspect of using an algorithm that is good at discovering unusual news, that then lends itself also to discover content that you and I might like. And perhaps the most interesting aspect about how TikTok uses artificial intelligence is in how careful it is to deploy the tool.
FELIX OBERHOLZER-GEE: Yeah, so there are two things. One is if you think about ByteDance as the company that develops Douyin, the domestic version of TikTok, and then, eventually TikTok, the contribution of Musical.ly is really that it was very popular among Western young people in the West, so not so much in China. And I think the matching of Western tastes to Western content, that was something that Musical.ly really facilitated. Now, I should say, early on there was much more shared content.
FELIX OBERHOLZER-GEE: It’s hard to say something general, because it varies quite a bit over time. So for a little while, one of the top creators was a person who made fun of the overly complicated life hacks that you often see on the web. That was really precious, and that was fun. But it’s also true, I think, which is sort of true for much of media content on the web, that the formula gets old fairly quickly. And then, we’re moving on to the next thing that is really amazing.
FELIX OBERHOLZER-GEE: Yeah, so I think there’s two things to say. The first one is sort of the general uneasiness about social and social platforms. I think that used to not be such a big concern before we understood just the many negative effects that can come from social media. I think we’re also at a point where privacy concerns are relatively big. We’re still, for every one person who is concerned about privacy, we find one person who really likes personalization.
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