Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing on October 23, 2019 in Washington.
Erin Scott | Reuters
Tiktok is fully aware that meta CEO Mark Zuckerberg Is recapitalization The Facebook and Instagram apps should be more like their popular short video service. But TikTok is not interested in copying Facebook.
“Facebook is a social platform,” TikTok’s president of global business solutions Blake Chandley told CNBC in an interview on Thursday. “They built all their algorithms based on social graphs. That’s their core competency. Ours is not.”
Chandley, who spent 12 years at Facebook before joining TikTok in 2019, said that if his former employers try to copy TikTok, they will be in trouble, and provide users and brands with a lousy experience.
“We are an entertainment platform,” Chandli said. “The difference is important. It’s a huge difference.”
Facebook App Head Tom Ellison told The Verge This week he saw TikTok rapidly stealing shares from the world’s largest social network. Facebook plans to revise its primary feed to look like TikTok when it recommends more content, even if it’s shared by friends.
Ellison told The Verge, “I think the thing that we may or may not have fully embraced is how social this format can be.”
Facebook’s recent exposure supports this. Meta’s share price is down 52% this year, less than the Nasdaq, which is down 32%. In April, the company Told Revenue in the second quarter could fall for the first time compared to a year ago.
At the start of the year, Zuckerberg acknowledged the increased competition pressure of tiktok And added, “This is why our focus on the reels is so important over the long term.”
TikTok is owned by China’s ByteDance, which is privately held.
Chandley said that history is not on Zuckerberg’s side, and compared his current problem to a challenge that Google encountered when he was trying to take Facebook up to its game.
“Do you remember when Google Google+ was building,” Chandley said. On Facebook, “we had war rooms at the time. It was a big deal. Everyone was worried about it,” he said.
But no matter how much money Google poured into its social-networking efforts, it couldn’t compete with Facebook, which had become the default place for people to connect with friends and share photos and updates.
“It became clear that the value of Google was search and that Facebook was really good at social,” Chandley said.
“That’s what I see now,” he said. “We are really good at what we do. We bring these cultural trends to the fore and people have this unique experience on TikTok. Until Facebook is completely taken away from its social values, they will continue to be on Facebook. But not going to do that, which I just don’t think it will do.”
Facebook did not immediately respond to a request for comment.
Chandley said he has deep respect for Zuckerberg and sees both Facebook and Google as strong competition. However, he added that TikTok has a range of competitors around the world, including businesses in e-commerce and live streaming.
Chandli said he hasn’t seen a slowdown in ad spend on TikTok, despite what is being reported by companies crackWhich one? told investors That advertising revenue is being hurt by inflation and the threat of recession. Snap’s stock has lost nearly three-quarters of its value this year.
“I’ve heard that there’s going to be a slowdown anywhere from 2% to 6% in the advertising market, but we haven’t seen it,” Chandli said. “We’re not seeing the headwinds that some of the others are seeing.”