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TikTok has over doubled their revenues in the latest report.
TikTok has quickly become one of the world’s most popular apps and their latest report is showing the results of their success. The financial results for their European (and part international) territories reveals massive growth.
Their report showed a whopping over-$2 billion result in the UK and Europe alone, a turnover of $2.618 billion. For reference, that’s not just a big number but 164.3% more than they generated the year before in the same territories.
The report comes from the 2022 financial year report for TikTok Information Technologies UK Ltd. They are responsible for TikTok’s business across the UK, EU, Iceland, Liechtenstein, Norway, Switzerland, Brazil, Mexico, and a number of other territories.
TikTok have stated that the successful year was “a combination of an increasing revenue driven by user base growth and a policy optimizing cost efficiencies and reducing overall spending of the group throughout the year”.
They announced that they have over 150 millions users in Europe earlier this year. The country with the highest number of TikTok users is the USA, however the Chinese equivalent of the app – Douyin – reports over 750 million users.