Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

TikTok reports five-fold surge in turnover to hit $1bn across international markets

by October 5, 2022
October 5, 2022
TikTok reports five-fold surge in turnover to hit $1bn across international markets

TikTok has reported a five-fold surge in turnover to $1bn (£875m) across its operations in international markets including the UK and Europe last year, as trend-setting teens and young adults continue to make the video-sharing platform the hottest social app of the moment.

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 drawcard than Snapchat and almost level with Twitter, according to data from Insider Intelligence.

“The increase was primarily driven by the continued growth of our user base and enhanced monetisation tools to improve advertisers’ experience and ad performance,” the company said.

The company landed its billionth monthly user last year, four years after its global launch, half the time it took Facebook, YouTube or Instagram, and three years faster than WhatsApp. Analysts at data.ai have said the company has since passed the 1.5bn user mark.

The rise of TikTok, fuelled by uber-cool moments at the height of the pandemic – such as Idaho labourer Nathan Apodaca skateboarding along lip-syncing to Fleetwood Mac’s Dreams, which pushed the band’s Rumours album back into the Top 10, four decades after its release – has struck fear into the established Silicon Valley tech giants.

Meta-owned Facebook, which TikTok is beating in the battle for the most-coveted demographic of 18-to-25-year-old social media users, has launched a copycat product called Reels to defend its turf.

However, the race for growth means heavy spending and TikTok UK reported an almost doubling of “selling and marketing” expenses to $666m in 2021.

The financial filing also shows that the company is on a hiring spree, with its UK operation more than doubling in size from 669 to 1,554 staff, and the overall wider group of regions and countries covered by TikTok UK saw numbers rise from 1,302 to 4,396.

As a result, TikTok UK’s wage and salary bill soared from $121m in 2020 to $391m and overall losses ballooned to $900m.

More than four-fifths of TikTok UK’s $990m annual turnover came from online advertising last year, with the remainder mostly coming from live streaming and e-commerce. The company has a virtual “coin” users can buy and spend in-app.

TikTok continues to be dogged by suspicions that its ownership by Chinese company ByteDance means it could pose a national security threat.

Donald Trump’s administration attempted to force ByteDance to sell its international operations to a US firm, but this petered out after he lost the US presidential election.

Two years ago, India, one of the world’s biggest markets for social media usage, banned 59 Chinese apps, including TikTok.

Read more:
TikTok reports five-fold surge in turnover to hit $1bn across international markets

0
FacebookTwitterGoogle +Pinterest
previous post
Cook Political Report Moves Pennsylvania Senate Race From ‘Leans Democrat’ To ‘Toss Up’
next post
Inbetweeners actor, James Buckley becomes first UK person to make over $1 million from Cameo

You may also like

Goldman to move traders to Milan to retain...

November 30, 2022

Secrets of Success within the personalised gifting sector:...

July 17, 2024

Pimlico Plumbers founder Charlie Mullins to sell £12m...

September 7, 2024

Thousands of Over-50s Embrace Second Careers to Pursue...

November 22, 2024

Trump’s flip-flopping on tariffs rattles european markets

March 7, 2025

The Power of Digital Gold: Exploring the Bitcoin...

October 10, 2023

The Power of No: Why, When and How...

May 9, 2025

Fast passive earnings from $10,000 to $80,000

November 28, 2024

What mentoring taught me about business that school...

February 9, 2024

PM pledges loyalty to Reeves as Labour vote...

January 14, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Why AI and green tech are vital to SME growth in 2025

      June 10, 2025
    • Yes, it’s great to get PR coverage – until it’s locked behind a bloody paywall

      June 10, 2025
    • We have to act now to keep AI from becoming a far-left Trojan Horse

      June 10, 2025
    • SME lending delays slashed by 80% thanks to fintech-driven back-office reform

      June 10, 2025
    • UK defence innovation strategy opens new doors for SMEs in AI and autonomous tech

      June 10, 2025
    • Shark Tank study shows charming narcissists get funding

      June 10, 2025

    Categories

    • Business (8,172)
    • Investing (2,021)
    • Politics (15,580)
    • Stocks (3,138)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved