TikTok shoots its revenue more than 30% and exceeds $80,000M

bytedance, owner of TikTokunseats Instagram, Twitter or Snap. The Chinese company registered some revenue of more than 80,000 million dollars in 2022which represents a growth of more than 30%, thus surpassing its rivals, as the newspaper has advanced ‘The Information.com‘, some results that confirm the ‘boom’ both in the time of use and in the volume of users of the social network.

By exceeding the figure of 80,000 million, TikTok parent matches the account of its main Chinese rival, Tencentin terms of business perimeter, and shows that a substantial majority of revenue growth came from its core advertising business in mainland China, where it operates Douyin, a TikTok-like app that has hundreds of millions of daily active users.

As he testified last week Shou Zi Chew, CEO of TikTokbefore the United States Congress, “the social network has exceeded 1,000 million daily active users and only in the US it has more than 150 million”. It is thus positioned as the most downloaded app in the US country during 2021 and 2022. Every year, the number of users grows at a great rate, surpassing that of its rivals Facebook, Twitter and Instagram. Without a doubt, TikTok is the favorite social network for young Americans who spend about 30 hours a month on the social network, compared to 8 hours for Instagram and 16 hours for Facebook.

In the past financial year, TikTok it also ranked as the fastest growing social media platform by ad revenue. According to data analysts at Betting Sites, TikTok’s ad revenue grew 26% in 2022, compared to the previous year. Over the next four years, sTikTok is expected to double its advertising revenue by $7.4 billion and take over 37% of the market share of advertising revenue. That is, by 2027, TikTok’s ad revenue will surpass those of Meta and YouTube combined to reach $13.8 trillion.

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The platform has been a immensely profitable business for advertisers, which has contributed to its overall growth. While Facebook (18%) and Twitter (22%) share a share of the market, TikTok is the fastest growing social network worldwide. Last year, the brand’s growth rate increased by 215% globally. By 2027, TikTok’s ad revenue share is expected to double, increasing from 7% to 14%, while Youtube and Meta are expected to lose market share during that time period. On the other hand, Douyin is also expected to increase from 15% to 23%. Together, TikTok and Douyin will control 37% of ad spending.

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