Budget cuts and layoffs? Don’t know them.
According to Financial Times, TikTok increased its European turnover to $990M for the previous calendar year… six times more than the $172M recorded in 2020.
NEW: TikTok grew its turnover in Europe nearly six-fold in 2021, hiring more than 3,000 new staff. Pre-tax losses were $896mn, up more than a third – https://t.co/BGbFWLz4XY
— Cristina Criddle (@CristinaCriddle) October 3, 2022
Must be the food: TikTok now averages nearly 4,400 employees per month in Europe—3,000 more people than its averaged in 2020.
Advertising accounted for more than $800M of its annual revenue in Europe, which is also a five-fold increase compared to 2020.
Most of the money, of course, comes from countries in the EU.
Why we care: TikTok’s largest market may be the US, but its massive growth across the pond means EU-based marketers are benefitting, too.
If you’re in Europe and you’re looking for a new ad channel, now’s a great time to start using TikTok.
Alex Lim
Alex Lim is a certified book reviewer and editor with over 10 years of experience in the publishing industry. He has reviewed hundreds of books for reputable magazines and websites, such as The New York Times, The Guardian, and Goodreads. Alex has a master’s degree in comparative literature from Harvard University and a PhD in literary criticism from Oxford University. He is also the author of several acclaimed books on literary theory and analysis, such as The Art of Reading and How to Write a Book Review. Alex lives in London, England with his wife and two children. You can contact him at [email protected] or follow him on Website | Twitter | Facebook
