Meta's Reels has turned from a TikTok imitation into a major revenue generator, projected to earn $50 billion in the next year. Instagram users now spend an average of 27 minutes daily on Reels, significantly increasing engagement compared to previous years. Meta aims to expand Reels to more platforms by 2026.

PacSun sold 200,000 pairs of jeans on TikTok, raking in $20 million. However, the retailer faces a $43 million lawsuit from Warner Music Group for alleged music copyright infringements related to their marketing.

ByteDance plans a new employee share buyback that will value the company at over $330 billion, following a significant revenue increase to $48 billion in Q2. Despite facing challenges, including the unprofitability of TikTok's US operations, ByteDance's revenue growth has outpaced that of Meta, solidifying its position as the leading social media company by revenue.

TikTok is intensifying its focus on search ads, aiming to leverage its growing user base and engagement to compete with established platforms like Google. The company plans to integrate these ads within its app and enhance targeting capabilities to attract advertisers. This move reflects TikTok's strategy to diversify its revenue streams and capitalize on the increasing importance of search advertising in digital marketing.