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TikTok's US income exceeds $16 bln as Washington threatens ban, FT reports

A person arrives at the headquarters of TikTok after the U.S. House of Representatives decisively approved a measure that would give TikTok's Chinese owner ByteDance approximately six months to sell the U.S. assets of the short-video app or risk a ban, in Culver City, California, U.S., March 13, 2024

March 15 (mod1s) - China's ByteDance-owned TikTok earned sales of roughly $16 billion last year in the United States, where the viral video app that has ensnared Gen Z users is at the danger of being banned, the Financial Times said on Friday. 

ByteDance's revenue of $120 billion in 2023 was up almost 40% from a year earlier, driven by TikTok's booming development, while China represents for a major amount of the company's revenues, the FT claimed, citing five individuals with knowledge of the situation.

The short video app, used by roughly 170 million Americans, earned record revenues in the United States in 2023, according to the research. 

ByteDance, dubbed "App Factory" because to its regular launches of mobile apps, is on course to surpass Facebook-parent Meta Platforms (META.O), opens new tab as the world's biggest social media business by revenues, the report noted. 

Meta's 2023 sales climbed 16% to $134.90 billion.

ByteDance did not immediately reply to a Reuters request for comment. 

The U.S. House of Representatives on Wednesday easily backed a measure that would give ByteDance roughly six months to sell the U.S. assets of TikTok, or risk a ban. 

TikTok was the most downloaded social media app in the United States in 2023, with 47 million downloads. Facebook and Instagram came up at second and third place, with 35 million and 34 million downloads, respectively, according to market research company Sensor Tower.


Source: https://www.reuters.com/

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