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

Pub insolvencies jump 83 per cent as rising...

February 13, 2023

Ministers in talks with Norway and Qatar for...

October 5, 2022

Non-bank lender White Oak pledges to lend £500M...

January 18, 2023

How to Watch the FIFA World Cup While...

October 24, 2022

Poundland to cut prices and open 25 new...

August 4, 2022

How is each train operator affected by the...

January 31, 2023

London nursery fees could hit 80% of the...

February 23, 2023

Solar energy 101: a guide for landowners

March 29, 2023

Dark mode may sap more battery life if...

February 20, 2025

Lidl increases pay to match Aldi in battle...

May 12, 2024

    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

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 9, 2025
    • WATCH: GOP senators divided over whether Epstein documents are a distraction or a needed reckoning

      August 8, 2025
    • Federal agencies directed to delete employee COVID vaccination records and exemption requests

      August 8, 2025
    • Do Legal Checks on a President’s Power “Diminish the Votes of the Citizens Who Elected Him”?

      August 8, 2025
    • United States v. Berry Brief: Post-Dismissal Civil Commitment Exceeds the Bounds of Federal Power

      August 8, 2025
    • Breaking Down Trump’s Debanking Executive Order

      August 8, 2025

    Categories

    • Business (8,717)
    • Investing (2,191)
    • Politics (16,344)
    • Stocks (3,228)
    • 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