ByteDance’s TikTok raked in an estimated $16 billion in the US last year, despite facing potential closure.
This impressive figure comes from a report by the Financial Times, citing anonymous sources.
The app’s explosive growth in the US, with 170 million users, significantly boosted ByteDance’s overall revenue, which reached a staggering $120 billion in 2023 (a 40% increase).
Dominating the Market
This record-breaking US performance positions ByteDance, known for its constant stream of apps, to dethrone Meta Platforms (Facebook) as the world’s leading social media company by sales.
Meta reported a 16% rise in 2023 revenue, reaching $134.90 billion, however ByteDance is catching up quickly.
Uncertain Future
The positive news is overshadowed by a recent US House of Representatives bill.
This bill would force ByteDance to sell its US TikTok holdings within six months or face a complete ban.
While ByteDance hasn’t commented, the pressure is on as TikTok remains the most downloaded social media app in the US (47 million downloads in 2023), surpassing even Facebook and Instagram.