Even if TikTok does end up getting banned in the U.S., it still has significant potential to make big money in other markets, based on its rising ad business, and increased interest in its in-app shopping options.
According to a new disclosure in the U.K., TikTok saw a big boost in revenue in 2024, rising 38% to $64 billion for the year.
As reported by Forbes:
“TikTok’s operations in the United Kingdom, Europe, and Latin America more than doubled revenues since 2022, when the company brought in $2.6 billion, according to filings submitted to Companies House, the U.K’s corporate registry.”
The filing only accounts for TikTok’s revenue in these regions, so it’s not a full scope of TikTok’s finances. But it does show that TikTok is gradually building a more viable, valuable business, and will likely continue to do so even without the U.S.
Of course, TikTok would love to stay in the U.S. also, which is its most profitable single market. But the popularity of TikTok Shop in the U.K., where it’s now become the fourth largest beauty retailer, has given it reason for hope even without the U.S. market, as more revenue opportunities arise for the Chinese-owned app.
Though there are still local challenges for the app.
Much like U.S. regulators, U.K. politicians have long been weighing the safety of TikTok’s operations in the nation, and the potential for the app to be used as a spy, and/or propaganda tool for the Chinese government.
British officials have thus far ruled out a full ban of TikTok, following the lead of the U.S., though if TikTok is eventually blocked by U.S. authorities, that could change their approach in this respect.
Still, the signs are that the U.K. government is happy to allow TikTok to continue to operate in the region for now.
The U.K. government launched its official TikTok presence back in February, and while the app remains banned on government devices in the nation, it does seem open to keeping TikTok around for the time being.
The U.K. is TikTok’s biggest user market in Europe, with over 30 million U.K. users. TikTok also says that there are now over 1.5 million British businesses on TikTok, contributing £1.6 billion to the U.K. economy ($US2.17 billion), while the company itself employs 3,000 U.K. employees.
So even if the White House can’t negotiate a future for the app in the U.S., there is still significant opportunity for the app in other regions, with millions of TikTok users outside of America contributing to its growth.
