In 2023, ByteDance, the Chinese company that owns the short-video service TikTok, reported revenue of $16 billion in the U.S. This comes amid TikTok’s soaring popularity among Americans, despite looming threats of a ban in the country.
ByteDance’s Total Revenue Indicates a Year-Over-Year Growth Trend
ByteDance’s total revenue in the previous year rounds off to $120 billion according to sources. This indicates a year-over-year growth of 40%. TikTok’s surge in popularity contributed to this growth, although the bulk of the company’s revenue continues to come from its home market.
TikTok Achieves User Growth and Record Sales in the U.S.
Continuous growth in the U.S. saw the short-video platform’s user count reaching 170 million by the end of last year, a record figure. ByteDance may overtake Meta Platforms as the world’s largest social media platform by sales volume if it maintains this growth trend. Meta Platforms reported a 16% increase in revenue for 2023, totaling $139.90 billion.
TikTok Emerges as the Most Downloaded App in the U.S.
Despite the risk of a ban in the U.S., TikTok continues to thrive. The platform’s app was the most downloaded in the country in 2023, with 47 million downloads according to Sensor Tower. Facebook and Instagram apps, in comparison, came in second and third in the download ranking, with 35 million and 34 million downloads respectively.
This post was last modified on 03/18/2024