Facebook losing customers to Tiktok

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The owner of Facebook and Instagram has been losing customers to TikTok.

The hit has seen advertising on the two platforms fall in the three months to July. This is the first time this has happened in the firm’s history.

Meta’s total revenue slipped 1 percent to $NZ46b.

Social Media experts fear the company’s growth may have peaked after years of large gains.

Rivals such as TikTok have eroded its popularity, while more firms are competing for ad spending.

Meta, which has more than 20 percent of the global ad market, warned investors that ad sales were likely to fall again in the months ahead.

However, Facebook is still popular. In June, the company said 1.97 billion people logged into Facebook on average each day.

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