ByteDance-owned international short video-platform TikTok reported a total revenue of US$4.6 billion in 2023, marking a 75% increase from the previous year in markets excluding the United States, Asia, and Oceania. With over 1 billion users worldwide, TikTok credited its growth to expanding its user base, improving monetization tools for advertisers, and increased revenue from live-streaming, as detailed in a filing to the Companies House in the UK.
Despite the revenue boost, the platform’s operating loss escalated by 167% to US$1.4 billion, largely due to one-off provisions for legal matters that cost over US$1 billion, resulting in an operating loss margin of 30% in 2023. The unit operates across Europe, South and Central America, and Africa, with the European Union accounting for 57% of revenue in 2022. The UK contributed 22%.
To cover potential liabilities from regulatory investigations, TikTok set aside over US$1 billion by the end of 2023. The platform continues to navigate the evolving landscape of global digital regulation and remains a major player in the short-video market.