TikTok recently revealed the number of its global monthly active user details for the first time in recent legal action against the U.S. authorities over an effective ban that is set to take place in September.
Globally, TikTok has experienced an upside in the number of its users. TikTok disclosed that it had about 55 million global users by Jan. 2018. That number skyrocketed to more than 271 million by Dec. 2018 and 507 million by Dec. 2019. This month, TikTok surpassed 2 billion global downloads and reported nearly 700 million monthly active users in July.
In its recent filing, TikTok revealed its monthly active users have grown nearly 800% since Jan. 2018 when the application was used by about 11 million Americans. About a year later, that figure had more than doubled to about 27 million.
By June 2020, months into pandemic quarantines, TikTok’s total number of U.S. monthly active users had soared to more than 91 million.
More than 100 million Americans are monthly active users today, the company said earlier this month. The company also revealed it has more than 50 million daily U.S. users.
Recall Nairametrics about a day ago, gave insights on TikTok disclosing that it would take legal action against President Trump’s executive order that bans transactions with the fast-growing video app and its Chinese parent company, ByteDance.
TikTok disclosed that it had tried to engage with the U.S administration for nearly a year, but faced “a lack of due process” and that the U.S authorities paid no attention to the facts.
“To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the executive order through the judicial system,” the company spokesperson said.
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”
COVID-19 Update in Nigeria
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 66,439 confirmed cases.
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 4,083 samples across the country.
To date, 66,439 cases have been confirmed, 62,241 cases have been discharged and 1,168 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 743,298 tests have been carried out as of November 22nd, 2020 compared to 739,215 tests a day earlier.
COVID-19 Case Updates- 23rd November 2020,
- Total Number of Cases – 66,839
- Total Number Discharged – 62,076
- Total Deaths – 1,166
- Total Tests Carried out – 743,298
According to the NCDC, the 56 new cases were reported from 10 states- Kaduna (18), FCT (17), Lagos (6), Plateau (5), Kano (3), Kwara (2), Yobe (2), Ekiti (1), Niger (1), Rivers (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 22,968, followed by Abuja (6,515), Plateau (3,805), Oyo (3,703), Rivers (2,957), Kaduna (2,913), Edo (2,694), Ogun (2,153), Delta (1,823), Kano (1,773), Ondo (1,727), Enugu (1,332), Kwara (1,093), Ebonyi (1,055), Katsina (1,007), Osun (945), Gombe (938). Abia (926), Bauchi (753), and Borno (745).
Imo State has recorded 662 cases, Benue (493), Nasarawa (485), Bayelsa (445), Ekiti (354), Jigawa (328), Akwa Ibom (319), Niger (296), Anambra (285), Adamawa (261), Sokoto (165), Taraba (156), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Snap to pay video creators $1 million daily
Snap Inc. is reportedly releasing new functionality to its Snapchat app in enabling popular videos that would be termed as Spotlight.
The fast-growing public listed American social media company – Snap Inc., plans to release new functionality to its Snapchat app in order to enable popular videos that would be termed as Spotlight, and further disclosed it will pay $1 million per day to the creators of high performing videos.
According to Bloomberg, Snap revealed how content creators could earn such income with ease, as the level of entry was kept minimal, on the basis that video submitters to Spotlight do not need to have large followers or popular profiles.
What you should know
An algorithm from the app software will be the judge in realizing what videos Snapchat users will see based on how often Snap users view such videos.
If other snap chat users view the same content repeatedly, for example, that’s an alert it’s trending and this will trigger the algorithm to distribute it more widely.
What this means
The new feature will give Snapchat enough ammunition to fend off its rivals in an ever-changing competitive market for posting trendy videos online, which has been largely controlled by Google’s YouTube, Facebook Inc.’s Instagram, and China-based ByteDance Ltd.’s popularly known TikTok.
Tech Experts anticipate that such a new feature in its trendy app could generate more revenue for the company, as its recent earnings show it has 249 million daily active users in Q3 – such high numbers will attract global brands on advertising and enable more sponsored content.
The investors of the American social media company have earned high returns from its stock in 2020 alone, as its stock has almost tripled this year to a record $45.38million on the bias that an increasing number of young people spend more time on the app.