Shopee and TikTok Post User Growth in September as Rivals Falter, Jefferies Data Shows

Monthly user data through September 25 reveals a diverging performance among major overseas technology platforms, with e-commerce firm Shopee and social media app TikTok posting user growth while competitors like Grab and Tokopedia experienced declines, according to a new report from Jefferies.

The data provides investors with a timely snapshot of user engagement trends across key emerging markets, particularly in Southeast Asia and Brazil, highlighting shifts in competitive landscapes.

E-Commerce and Social Media Diverge

In the e-commerce sector, Sea Ltd.'s Shopee demonstrated continued momentum. The platform's global monthly active users (MAU) rose 5% year-over-year to 532 million. This growth was driven by a 5% increase in Southeast Asia to 398 million MAU and a 10% increase in Brazil to 112 million MAU.

Similarly, TikTok recorded strong user growth, with its MAU in Southeast Asia and Brazil climbing 14% and 8% respectively. In contrast, several regional competitors faced headwinds. Tokopedia’s MAU in Indonesia fell 19% year-over-year, while Lazada also saw its MAU decline across Southeast Asia.

Pinduoduo's Temu presented a mixed picture. While its total MAU declined 9% year-over-year to 464 million, this was an improvement from the 15% decline seen in August. Notably, its U.S. user base grew 6% year-over-year to about 75 million.

Gaming and App Performance

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Sea Ltd.'s gaming arm also showed signs of recovery. Its flagship title, Free Fire, saw global grossing revenue across iOS and Android grow 13% year-over-year in September, bouncing back from weakness in the prior month. Brazil was noted as the region with the fastest growth.

Meitu's suite of overseas applications performed well, with its overall overseas app MAU rising 6% year-over-year. The company's Wink application was a standout, with its MAU growing by 24% year-over-year.

Ride-Hailing and Delivery Landscape

In the delivery and mobility sector, Grab's MAU in Southeast Asia declined 7% year-over-year to 102 million. Its user base in the key market of Indonesia fell about 3% to 46 million.

However, GoTo's GoPay service showed significant strength in the same market. GoPay's MAU in Indonesia surged 46% year-over-year to approximately 49 million, indicating a dynamic competitive environment. The report also noted Keeta's market position, ranking second by MAU in the Middle East but remaining a much smaller player in Brazil behind market leader iFood.