TiKTok is a Chinese video-sharing app developed by Beijing-based ByteDance , the app was launched in 2017 and it has becomes the world's most downloaded apps with 1.5 billion downloads in 2019. (Oberlo statistics) TikTok also known as the leading destination for short-form mobile video that inspire creativity and bring joy. As of 2019, TikTok is available in 155 countries and available in 75 languages, covers a large part of the population (Oberlo statistics)
According to the reports by The Information, YouTube is planning to develop a short-form video app called "Shorts" to directly against TikTok. “Shorts" will be available inside the existing YouTube app, rather than being a standalone app like TikTok. Also means that YouTube app users won't have to download another app in order to use Shorts. "Shorts" feature will allow users to create & upload short-form videos, and users can choose the YouTube's licensed music & songs to use in the videos
The news regarding "Shorts" release also supported by NBC News’ Dylan Byres on Twitter:-
Although there's no any official release from YouTube, but it's reported that the "Shorts" feature plans to release later this year.