TikTok generated close to $5 billion in revenue in 2021.
TikTok had 1.2 billion monthly active users in Q4 2021.
TikTok is expected to hit about 2 billion active users by the end of 2022.
Impressive, isn’t it? Most probably it is! This is the reason that a lot of business-minded people seriously think “how to create an app like TikTok?” The first idea that comes is that it is not possible. Wrong! It’s possible if you use the same tactics with different content. In this blog post, you will learn exactly that. Be ready for a mind shift!
We will first look at how TikTok works. Then we will take you through the basics of creating an app like TikTok. Finally, we will talk about the big issue – money! Ready? Let’s get started!
How does TikTok work?
Pretty simple! Users film videos and go viral. And while they do that, they make money. TikTok sits and watches the money flow. Isn’t it cool? So, what is the secret of this addiction? Firstly, the videos are short. People get bored of long videos. Secondly, the topics are various. You can see and watch almost anything on TikTok. In short, TikTok offers something that young aged love – short, entertaining, and fast content.
Now, what are the lessons for you?
Rule number 1 – allow your users to make money and work for you.
Rule number 2 – make it engaging. And by saying engaging I mean anything from yelling crazy sounds to the best piece of art shows.
Rule number 3 – make it short. People like action. They want speed. This is addictive. This is fun.
Now let’s see what to do in order to create such content.
Research the target market
The best way to research the target market is to test. Test on your friends, test on your social media followers and when you are ready for a Minimum Viable Product, go ahead and test your main idea in the market. Minimum Viable Product or MVP is not a game anymore like testing your idea on your friends. It takes money, so be sure to have a fabulous idea before you hire your team of developers to create MVP for you.
Choose the monetization model
Why do you think TikTok videos go viral? The reason is that they accumulate vast capital of active users. By saying that I mean that TikTok utilizes the resources of its active users. So, your number one monetization model should be utilizing your users' resources. When you put your users in action, they become more engaged. Moreover, you use their abilities to your own advantage.
Number 2 should be ads. But let me tell you something. Your ads must be super short not to annoy users. And this is serious. In this age of information, no one wants unwanted ads.
Hire an app development team
Now that you have your super workable idea, it’s time to think about who will give it a practical shape. Your app development team is a key factor in success or failure. If you know that, think twice before hiring an app development team. You may want to read about how to outsource application development in 2022. You may want to read this blog post now or come back to it later.
And yes, I understand you may be short of budget but that’s not a reason to compromise on quality. A lot of high-quality talents are over there in Asia and Eastern Europe.
Features and technology stack
It’s a good idea to look at the features that TikTok has. But if you just copy them, ta ta tam, you will have a similar app with 0 users. Why would the users of TikTok decide to move to your app? Here you go! You offer something more attractive than what TikTok does. And it’s absolutely up to you to decide what is it that you are going to offer. Want a hint? Give some monetary incentive. That may work or not but just an idea.
When it comes to the technology stack, your app development team knows it better. Don’t get into something that is out of your competence. If you want to know more about the technology stack, read this super good guide on how to make an app like TikTok. You will learn about the technology stack and other good details that will help you in your search.
Cost
Now let’s talk about the money. How much will it cost to create an app like TikTok? Will you be surprised if I say it may cost you as low as USD 30 000 and as high as USD 300 000? My advice is to start small unless you have a fabulous idea that you have tested with a Minimum Viable Product.
Needless to say, your app complexity and factors like the location of the development team, UI/UX design, development hours, number of features, etc. will be determining factors. It’s easy to come up with an approximate estimate. Your development team will tell you the approximate price before they start working on your app.
Final thoughts
Some people are still amazed how an app as crazy as TikTok can make so much money. But TikTok has done something that many other apps failed to do. It took into account what the public wants. Moreover, it gave super attractive incentives to become users and even active users.
I will never advise you to create an app like TikTok. But I will advise you to be inspired by TikTok, to think in their mind frame.
Hope this article also inspired you to take some action and build an app that will become a second TikTok and even better. I can only tell you good luck and wish you the appropriate energy level to accomplish your plans.
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