A new financial data report of TikTok has revealed the growth of the platform’s business in the file issued by its European subsidiary. This financial data is also accessible on the UK’s companies’ house site. The platform has revealed massive growth in its revenue due to an increase in the number of users in the UK. Due to its popularity in the region and number of users, the platform enticed many marketers and paying users. The platform also explained the paying users as those persons on TikTok having a registered account, have bought some digital products or services from the platform so that they can send those gifts to their preferred content creators.
The data further shows that the revenue of the platform has jumped up to 545 percent YoY to 170.8 million USD during the prior year. The file issued to the companies’ house presents that the platform has spent a lot on European commerce. And the main reason was that the platform wants to give a tough time to its rivals such as Facebook, Snapchat, and Instagram. United Kingdom is no more part of the EU but the subsidiary still manages the business for a broader region. Almost 89 percent (151 million USD) of the total revenue in the year 2020 was the result of the advertisement business. Whereas, 16.6 million USD was earned from the live streaming part. The platform also earned 2.5 million USD by rendering services. During the prior year, the platform also announced that it has more than a hundred million users in the European region.
The increasing number of users persuaded the platform to hire more staff. Therefore, the platform hired 208 more workers in the European region during the year 2019. However, those numbers of employees reached up to 1294 in 2020. The platform suffered massive operating losses by hiring hundreds of personnel. The data shows that the operating losses of the platform during 2019 were almost 118.7 million USD. The loss has jumped up to 644 million USD in 2020. TikTok is owned and controlled by ByteDance, whose revenue during 2020 was over 34 billion USD. This shows that the platform can bear these losses without any trouble.
The popularity of the platform is increasing significantly. During the last week, the platform stated that it has more than one billion MAUs. TikTok can also grab more advertisers to cover these losses.
Read next: TikTok’s Parent Company is Entering the Ecommerce Game
The data further shows that the revenue of the platform has jumped up to 545 percent YoY to 170.8 million USD during the prior year. The file issued to the companies’ house presents that the platform has spent a lot on European commerce. And the main reason was that the platform wants to give a tough time to its rivals such as Facebook, Snapchat, and Instagram. United Kingdom is no more part of the EU but the subsidiary still manages the business for a broader region. Almost 89 percent (151 million USD) of the total revenue in the year 2020 was the result of the advertisement business. Whereas, 16.6 million USD was earned from the live streaming part. The platform also earned 2.5 million USD by rendering services. During the prior year, the platform also announced that it has more than a hundred million users in the European region.
The increasing number of users persuaded the platform to hire more staff. Therefore, the platform hired 208 more workers in the European region during the year 2019. However, those numbers of employees reached up to 1294 in 2020. The platform suffered massive operating losses by hiring hundreds of personnel. The data shows that the operating losses of the platform during 2019 were almost 118.7 million USD. The loss has jumped up to 644 million USD in 2020. TikTok is owned and controlled by ByteDance, whose revenue during 2020 was over 34 billion USD. This shows that the platform can bear these losses without any trouble.
The popularity of the platform is increasing significantly. During the last week, the platform stated that it has more than one billion MAUs. TikTok can also grab more advertisers to cover these losses.
Read next: TikTok’s Parent Company is Entering the Ecommerce Game
