TikTok has reported a five-fold surge in turnover to $1bn globally!
That’s a five fold gain across its operations in international markets including the UK and Europe last year, FT finds.
The leading trend-setting teens and young adults app continue to make the video-sharing platform the hottest social app of the moment.
Tweet on TikTok user surge globally
TikTok reports $1bn turnover globally! @tiktok_us has reported a five-fold surge in turnover to $1bn (£875m) across its operations in international markets including the UK & EU last year!
As trend-setting teens and young adults continue to use the platform excessively pic.twitter.com/Uqoy4wW6xO
— The_Journalbiz (@the_journalbiz) October 5, 2022
FT chart on the fastest growing app on 1Bn users
Chinese-owned platform popular among teens and young adults saw its turnover rise by 477% last year
Financial filings for Chinese-owned TikTok UK, which also covers operations in countries such as Brazil, Mexico, South Africa and Colombia, shows that its popularity with the public is rapidly translating into an advertising and e-commerce boom.
Turnover soared by 477% from $171m in 2020 to $990m last year with the UK and Europe accounting for more than 80% of the total, according to a filing at Companies House.
In the UK, turnover jumped from $51.8m to $279m, making TikTok a bigger advertising draw-card than Snapchat and almost level with Twitter, according to data from Insider Intelligence.