BEIJING: TikTok, owned by China’s ByteDance, generated approximately $16 billion in revenue in the United States last year, Reported the Financial Times.
Despite its popularity among Gen Z users, the app faces the threat of a ban in the US. ByteDance’s overall revenue in 2023 reached $120 billion, marking a 40% increase driven by TikTok’s rapid growth, although a significant portion of this revenue comes from China, as reported by five individuals familiar with the matter.
TikTok, with around 170 million American users, saw a surge in sales in the US in 2023, setting new records.
The company, often called the “App Factory” due to its frequent app releases, is on course to surpass Meta Platforms, the parent company of Facebook, as the world’s largest social media company in terms of sales, according to the report. Meta’s revenue for 2023 grew by 16% to $134.90 billion.
The US House of Representatives recently passed a bill that would require ByteDance to divest TikTok’s US assets within six months or face a ban.
In 2023, TikTok was the most downloaded social media app in the US with 47 million downloads, followed by Facebook and Instagram with 35 million and 34 million downloads, respectively, according to Sensor Tower, a market intelligence firm.
