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.