TikTok really is next-generation social media. Interesting that this should come out of China and not the west. Maybe we are seeing the effect of monopolies stifling innovation.
Isn't this very similar to Vine, the old video social network? Which Twitter bought and properly crash a burned?
I think it is completely meaningful to call it next generation (or second generation where the social graph model is the first generation).
Also notice that this model can be applied to other media formats: Text, pictures, audio ...