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TikTok vs. Reels Performance Statistics and Insights

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Number of TikTok accounts in the US


With TikTok overtaking Google’s place last year as the most popular website on the whole internet, TikTok’s weight in marketing can no longer be overlooked.

Having the fastest-growing user base of all time, TikTok is likely to soon become advertisers’ focus social media platform – being transferred to the greatest part of the marketing budgets.

So, where does this leave its main competitor — Instagram Reels’ feature? Here’s how the picture looks for now.

While in the US, the total number of TikTok accounts makes for only half of Instagram’s audience, when looking at both platforms from a performance perspective, TikTok is obviously the leading network.

Image Credit: Provided by the Author; Socialinsider; Number of TikTok accounts in the US

Having an engagement rate that’s at least six times higher than Instagram Reels’ – based on a study conducted by Socialinsider – TikTok is highly appreciated for its more authentic, unhinged content and the less disruptive navigation and experience it offers.

This is obviously facilitated by the platform’s current underdevelopment of its paid advertising features, which are not mature enough yet – compared to older platforms such as Instagram.

Speaking of it, since being dethroned as the most fashionable social network with TikTok’s incredible uprising, Instagram’s struggle to keep its user base loyal continues to grow day-by-day – despite the quick and enlarging adoption of Reels.

Unquestionably, Reels – ever since entering the social media scene – have started to make some noise, getting fast notice, right now making up for 20% of the time spent on Instagram.

However, despite the platform’s hard push on its new feature, Instagram Reels are having a harder time than TikTok in keeping social media users interested in exploring and engaging with the content within the platform.

According to the same study mentioned, Instagram Reels get 44% fewer comments than TikTok videos.

TikTok vs Reels Comment Rate
Image Credit: Provided by the Author; Socialinsider; TikTok vs. Reels Comment Rate

Ultimately, given than Reels have only borrowed TikTok videos’ short form concept, it is only natural for the users to favor the original platform that introduced the newer video format.

Probably, to make a significant comeback, the next step should be for Instagram to either come up with an entirely new concept or to develop further its Instagram Reels in a completely new and innovative way.

Furthermore, with YouTube entering the playground of short video content with its Shorts feature, it seems we are only at the threshold of a new social media era.

With 44% of social media users picking TikTok as their preferred short-form video service for the moment, Reels and YouTube Shorts are competing with each other for second place, trying to catch up on TikTok’s success.

However, as all gigantic mother companies of these platforms are set to invest monumental budgets into expanding these new features, the future of social media and short-form video content is more unpredictable than ever.

While TikTok is expected to remain the crowned social media platform when it comes to engagement for the foreseeable future, data reveals it is not invincible.

Social Media Engagement Rates
Image Credit: Provided by the Author; Socialinsider; Social Media Engagement Rates

 

If until recently, Instagram, altogether with the rest of the major social networks, registered a significant engagement drop that led to TikTok’s insane engagement levels, with 2022 ending, the social media landscape has changed once more.

For sure, there’s no denying that TikTok records the highest engagement overall, but starting with last year, it has equally recorded an engagement drop – of no more or less than 28%.

Overall, while TikTok stands at the moment at an average engagement rate of 4.25%, Instagram’s engagement has dropped to the value of 0.60%.

TikTok Engagement Rate by Followers
Image Credit: Provided by the Author; Socialinsider; Engagement Rate by Followers

As revealed by Socialinsider’s latest study related to social media industry benchmarks, on TikTok, the most engaging industries are ones within the FMCG sector – meaning beverages, followed by food brands.

When heading over to Instagram, airlines make for the most engaging industry on the platform for the moment.

 

Back to TikTok for the last part of the analysis of nowadays’ social media landscape and trends – with the platform’s so unique algorithm, an equally helpful insight for you – marketers worldwide – is that, on average, brands include four hashtags in a TikTok video’s caption (from rivaliq dotcom blog).

However, with TikTok trying to be more of a search engine, displaying content based on keywords and interests, when planning to launch your business’ TikTok account, it may be helpful to have an idea of what the main interests on TikTok are at the moment to better understand your audience.

Top INterests on TikTok
Image Credit: Provided by the Author; Socialinsider; Top INterests on TikTok

 

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All in all, given the platform’s future orientation and marketing potential, it has become a must for brands that are interested in leveraging TikTok to seriously step up their copywriting game.

Credit Inner Article Images: Provided by the Author; Socialinsider; Thank you!

Featured Image Credit: Provided by the Author; Socialinsider; Thank you!

 

Elena Cucu

A joyful spreader of marketing-related news. Currently the data geek from Socialinsider. Lately out there making use of the power of storytelling when conducting insightful social media studies. Whether it’s writing about everything social or traveling the world dancing, everything I do is out of passion.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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