TikTok has become the darling of the marketing world, with brands eager to experiment on the app and with its creators. That heightened interest in the platform is propelling TikTok's ad revenue, which is on track to surpass Twitter and Snapchat's ad revenue combined, according to a report released by Insider Intelligence. 

TikTok's ad revenue is expected to triple this year to $11.64 billion from $3.88 billion in 2021. That compares to $5.58 billion for Twitter and $4.86 billion for Snapchat, according to the report. 

TikTok’s user base has exploded in the last few years. What became a way to combat pandemic boredom has given rise to a whole new generation of influencers. The app’s algorithm gives users relevant videos to keep them engaged. For brands, this means easier access to a specific audience, which has helped drive brand awareness, and offline sales. The hashtag #TikTokMadeMeBuyIt now has 10.7 billion views.

“[One] factor that will drive growth in ad spending is TikTok’s unique take on social commerce,” Debra Aho Williamson, Insider Intelligence principal analyst, wrote in an email. “It pairs marketers with creators to help content go viral, and that can drive enormous demand for products that advertisers want to promote.”

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The report also estimates that more than half of TikTok’s ad revenue will come from the U.S. this year, bringing in almost $6 billion and a 2.5% share of the U.S. digital ad market. The app’s U.K. ad revenue is expected to hit $1 billion this year, accounting for an almost 3% share of the U.K. market.

By 2024, TikTok’s worldwide ad revenue could hit $23.58 billion, putting the app within reach of YouTube’s $23.65 billion. That would mean both platforms would have around 3% of the global digital ad market. Despite its growth, TikTok is still small in terms of global digital ad share—Google has almost 30% of the market, followed by Meta at 21%.