The TikTok money stories are becoming more than a trickle… and the money is certainly flowing.
We reported yesterday on the estimated $914.4m global spending within the TikTok app during the third quarter of 2022. Now the company has filed financial results for its European business for the calendar year 2021, which show revenues increasing sharply from $172m in 2020 to $990m in 2021 according to the Financial Times.
However, it noted that TikTok Europe’s pre-tax losses grew by more than a third to $896m, thanks to increased expenses on staff, administrative expenses, and sales and marketing – the latter of which was a devilish $666m spend. The FT reported that advertising accounted to more than $802m of TikTok’s revenues in Europe last year – around 81% of the total.