Amid potential ban, TikTok's US sales reach $16B, says report
In 2023, ByteDance saw a 40% revenue increase to $120 billion, boosted by TikTok's rapid expansion, although much of its earnings come from China.
Despite its popularity among American youth and 170 million users in the US, TikTok, owned by China's ByteDance, faces a ban. The Financial Times reveals the app's US revenue was roughly $16 billion last year.
Five people familiar with the situation informed the FT about ByteDance's growth, suggesting it might surpass Facebook's parent company, Meta, as the top social media firm by sales. Meanwhile, Meta's revenue climbed to $134.90 billion, marking a 16% rise.
Reuters awaits ByteDance's comments.
A recent US House bill could force ByteDance to sell TikTok's US operations within six months or risk prohibition.
Sensor Tower reports that TikTok led US social media downloads in 2023, with 47 million, outpacing Facebook's and Instagram's 35 million and 34 million, respectively.
Five people familiar with the situation informed the FT about ByteDance's growth, suggesting it might surpass Facebook's parent company, Meta, as the top social media firm by sales. Meanwhile, Meta's revenue climbed to $134.90 billion, marking a 16% rise.
Reuters awaits ByteDance's comments.
A recent US House bill could force ByteDance to sell TikTok's US operations within six months or risk prohibition.
Sensor Tower reports that TikTok led US social media downloads in 2023, with 47 million, outpacing Facebook's and Instagram's 35 million and 34 million, respectively.
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