Despite facing a potential ban in the United States, Chinese-owned video sharing app TikTok generated a whopping $16 billion in revenue there last year, according to a report by the Financial Times on Friday.
This record-breaking figure comes amidst ongoing concerns about data security and potential Chinese government influence. The U.S. House of Representatives recently passed a bill granting ByteDance, TikTok’s parent company, just six months to divest its US assets or face a complete ban.
The report further states that ByteDance’s overall revenue surged by 40% in 2023, reaching $120 billion, with TikTok’s explosive popularity in the US being a major driver. The app boasts an estimated 170 million active American users.
ByteDance, known for its constant stream of new mobile apps, is reportedly on track to surpass Meta Platforms (formerly Facebook) as the world’s leading social media company by sales. Meta’s 2023 revenue, while significant at $134.9 billion, only saw a 16% increase.
While ByteDance hasn’t yet commented on the report, the company’s future in the US remains uncertain. With TikTok leading the download charts in 2023 (47 million downloads compared to Facebook’s 35 million and Instagram’s 34 million), the social media landscape could face a significant shift if the ban goes into effect.
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