TikTok UK/Europe clocks up impressive revenues
TikTok UK/Europe, the platform that has given many a fashion influencer a huge voice and beauty brands an important media link to young customers, saw its sales rocket in the calendar year 2022.
The division saw its revenue leap 164% last year to $2.6 billion from $990 million in 2021. However, the video app, owned by China’s Bytedance, continued to report a loss of $512 million, albeit down from $895 million the year before, according to its latest accounts filed with Companies House.
Staff numbers, mainly based in Dublin and London, grew more than 40% in the period to a monthly average of 7,000.
The report showed a fifth of its revenue came from the UK and three fifths from Europe with the remainder from worldwide subsidiaries.
TikTok said the sharp rise in its income for Europe was “primarily driven by the continued growth of our user base and enhanced monetisation tools to improve advertisers’ experience and ad performance”.
The app, which has seen a meteoric rise in recent years, claims a billion users outside of China, a number that continues to grow and is heavily skewed to younger consumers.
People are spending more time on TikTok than on any other social media platform and young consumers user the app more than they watch traditional TV.
That’s why it’s become such a huge focus for both the fashion and beauty industries.
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