TikTok’s US revenue hits US$16 billion as Washington threatens ban, FT reports

China’s ByteDance-owned TikTok posted income of about US$16 billion final year in america, the set the viral video app that has crooked Gen Z users is at the mumble of being banned, the Monetary Occasions reported on Friday (Mar 15).

ByteDance’s income of US$120 billion in 2023 was up about 40 per cent from a year earlier, pushed by TikTok’s exploding increase, despite the indisputable truth that China accounts for a mammoth section of the firm’s gross sales, the FT reported, citing five of us with files of the matter.

The short video app, passe by about 170 million People, accomplished story gross sales in america in 2023, basically basically based on the describe.

ByteDance, nicknamed “App Factory” due to its frequent releases of mobile positive aspects, is never any longer astray to overtake Fb-parent Meta Platforms because the arena’s biggest social media firm by gross sales, the describe added.

Meta’s 2023 income rose 16 per cent to US$134.90 billion.

ByteDance did no longer straight reply to a Reuters quiz for observation.

The US House of Representatives on Wednesday overwhelmingly handed a Bill that would possibly perchance perhaps give ByteDance about six months to divest the US sources of TikTok, or face a ban.

TikTok was the most downloaded social media app in america in 2023, with 47 million downloads. Fb and Instagram came in at second and third space, with 35 million and 34 million downloads, respectively, basically basically based on market intelligence company Sensor Tower.