FT: TikTok achieves $16 billion revenues in America during 2023

Financial Times reported on Friday that the TikTok application, owned by the Chinese company ByteDance, generated revenues of about $16 billion last year in the United States, as the widespread video application that attracted users from Generation Z faces the risk of being banned.

According to Reuters, the Financial Times quoted five informed sources that ByteDance’s revenues, amounting to $120 billion in 2023, rose by about 40 percent over the previous year, driven by the tremendous growth of the TikTok application, even though China represents a large share of the company’s sales.

The short video application, used by about 170 million Americans, achieved record sales in the United States in 2023, according to the Financial Times.

ByteDance, nicknamed the app factory thanks to its continuous new releases of mobile applications, is close to surpassing Facebook, which is owned by Meta, to become the largest social media company in the world in terms of sales.

Meta’s revenues rose 16% in 2023 to $134.90 billion.

The US House of Representatives approved by an overwhelming majority on Wednesday a draft law that gives ByteDance, the Chinese company that owns TikTok, a six-month deadline to liquidate the American assets of the short video app, or face a ban.

TikTok leads social media applications in the United States in terms of the number of downloads in 2023, with approximately 47 million downloads. Facebook and Instagram came in second and third place, with about 35 million and 34 million downloads, respectively, according to Sensor Tower data.