TikTok was recently banned in India, and Facebook is eager to eat up its market share by replacing it with some new Instagram experiments.
Facebook (FB +0.38%) is hoping to satisfy India’s appetite for 15-second videos with its in-house TikTok imitator, Instagram Reels, which launched in India on Wednesday.
- Popularity Contest. India was one of TikTok’s most lucrative markets. Before the ban, TikTok forecasted its Indian user base would grow to 300 million by the end of 2020.
- Hearsay. TikTok said it’s “never provided user data to the Chinese government,” and it wouldn’t “do so if asked,” but China’s government owns a large stake in the company.
- Last App standing. Facebook will compete with several other video-based social media apps in India, including YouTube Shorts and Indian apps Chingari & Roposo.
How does it affect my wallet?
A TikTok ban in the US may be coming up soon. President Trump said he’s “looking at” banning the app in the U.S., but didn’t provide any details.
- If the U.S. bans the social media app, you can bet your bottom dollar that other social media companies like Google (GOOGL +1.00%) and Facebook will swoop in for its users, too.
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