Amid Outrage, TikTok Revenue hits $15.2bn in 2023
TikTok, the Chinese ByteDance-owned video-sharing app, has increased ad investment onby 14.3% this year, to a combined investment of $2.0bn, report said.
The platform which has become an integral digital and popular platform for brands, especially in the pursuit of reaching younger audiences.
The growth is coming despite several backlash received in recent time from Western countries, the company’s revenue increased in first quarter of 2023.
According to the Future of Media report, part of WARC’s Marketer’s Toolkit survey, 75% of marketers plan to increase their ad spend on TikTok this year. Hence, increasing TikTok’s advertising Revenue
In the US, consumer packaged goods drove significant growth, increasing ad spend with TikTok by 84% in Q4 2022 compared to the quarter prior, according to data from Pathmatics.
In this first of a new series of reports published today, Platform Insights by WARC Media takes a closer look at TikTok to provide an overview of the key data points that advertisers need to know about, spanning investment, consumption and performance insights.
Alex Brownsell, Head of Content, WARC Media, says: “TikTok plays a growing role in culture around the globe. Its potential ad reach stands at a reported 1.05bn, including 409.1m users aged 18 to 24. In 2022 it was the most downloaded app in the world for a third year running according to data from Sensor Tower. And its full-screen, vertical video format has inspired copycat products such as YouTube Shorts and Instagram Reels.
“To launch WARC’s new Platform Insights series, we’ve taken a closer look at TikTok to provide marketers with evidence-based insights on the challenges and opportunities the platform offers at a time when media costs are increasing and media models are shifting.”
TikTok to reach $15.2bn in global advertising revenue in 2023
Platform Insights is a new series of reports exclusive to WARC Media subscribers, and includes an overview of platform investments, media consumption and performance insights. WARC Media provides rigorous and accurate benchmarks for media planning and strategy, helping marketers reach the right audience and maintain a competitive edge.
