TikTok reports $1bn turnover 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. “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. 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. Two years ago, India, one of the world’s biggest markets for social media usage, banned 59 Chinese apps, including TikTok.
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