It's time to take TikTok seriously. The China-based social media platform TikTok is turning into Facebook's biggest competitor. As of May 2020, TikTok was the 6th largest social network and the second most downloaded free app of the year. The app has 800 million monthly active users worldwide. In comparison, Instagram has 1 billion. If you haven't thought about your TikTok strategy yet, now is the time to do so. Here are five facts that will get you up to speed and help you get the most out of this new channel.