TikTok the short-form video platform is owned by the Chinese tech giant ByteDance. It is one of the most popular social media platforms that covered a wide range of content from lip-syncing to comedic skits to viral challenges. TikTok has clocked over 1 billion downloads and is loved by people of all ages. Although it is getting banned in several countries, the market for short-form video still remains unconquered. People are continually looking for an alternative application to quench their thirst for exposure and fun. This article dives deep into the business prospects of developing an app like TikTok.
Why should entrepreneurs launch an app like TikTok:
TikTok is banned in several countries:
TikTok is currently banned in several countries, and other countries are expected to impose restrictions anytime. Although TikTok is banned, its impact on the peoples’ mindset has not subsided as they are constantly looking for similar apps. Your TikTok clone app can be the ideal replacement for it and can attract users seamlessly.
Size of the market:
The TikTok app has found its way deeply into the lifestyle of people, as it was used by people of all age groups. Countries have reported exponential growth in user engagement, and India emerged as the country with the highest number of users.
The fusion of social media and eCommerce sectors is possible with the TikTok clone app as users can directly add links in the video to their product page/eCommerce website. TikTok tried this feature back in 2019, and several shop owners were able to get customers from it successfully. This feature helps customers to look for products on the go without having to search it separately. Entrepreneurs can harness the numerous business prospects of social media apps and can reach potential customers outside their circle.
Factors that one should look when developing an app like TikTok:
Finding the target audience:
Before getting started, you must decide your target audience and look for the market opportunities for your app. Understanding the requirements of your target demographic can help integrate user-centric features into your app. Analyze the competitor apps and note down their pros and cons.
Estimating the app development cost:
The app development cost will be a significant factor to consider for most entrepreneurs as they need to balance it with their overall budget. If you want to create an app similar to TikTok, you need to invest more to get the best out of the developers. It is vital that you hire a professional app development team with a proven track record in this niche to make the perfect move. Learn more about the factors that influence the app development cost, such as design complexities, development company, mobile platform, etc.
Design complexities:
People go for mobile apps for the ease of use and convenience, and so it is recommended to build a complex app. Ensure that your TikTok app clone is built with a minimalistic approach to make in-app navigation easier. Your app’s design should be visually appealing, responsive, and integrated with intuitive functionalities. Before launching the complete version of your app, it is recommended to launch an MVP version. Since app development is a tedious and time-consuming process, launching a minimum viable product will help to rectify and remove several elements in it. Here is what should be included with the MVP of your app.
- User interface
- Register/Login
- Social media plugins
- User profile
- Essential features
- User feedback
Monetary streams in the TikTok clone app:
Once you are done with developing your TikTok clone app, you can concentrate on ways to monetize it. Every entrepreneur will prefer to get maximum monetary benefits out of business. Here are the possible revenue streams for entrepreneurs to choose from.
In-app purchases:
TikTok lets users buy coins as a part of in-app purchases to donate them to influencers on live streams. The coins will be instantly added to the users’ account once the purchase is completed. You can also try providing monthly/annual subscriptions for users and offer exclusive features for them.
Advertisements:
Apps like TikTok generate massive buzz, and running advertisements is an excellent way to generate revenue in this digital economy. The trend of ads hasn’t gone down as it goes through a significant transformation in every phase. In this digital age, entrepreneurs can generate income from ads based on
- Cost per click (CPC).
- Cost per mille (CPM) for every 1000 impressions of the ad.
- Cost per action (CPA) for every user activity on the ad.
Funding:
Pitch your ideas to investors in order to get funding for your business. The funding received by a company in its initial stages is supposed to be its primary source of revenue.
The team required to develop your TikTok clone app:
The cost of developing your TikTok like app also depends on the team you hire. The team required to build your app will remain the same irrespective of your apps’ scale.
- Frontend developer
- Backend developer
- Project manager
- UI/UX Designer
- Quality assurance
- Business analyst
Concluding words:
The app development process can be quite tricky, but with the right assistance from a professional app development team, you can build a world-class app like TikTok. Since the younger generation will use your app, ensure that your app has features and functionalities that draws people to it. Keep your app updated to the latest market trends and integrate world-class technologies to outrun your rivals.
