Financial filings for Chinese-owned TikTok UK, which also covers operations in countries such as Brazil, Mexico, South Africa, and Colombia, show that its popularity with the public is rapidly translating into an advertising and e-commerce boom.
Turnover soared by 477% from $171m in 2020 to $990m last year with the UK and Europe accounting for more than 80% of the total, according to a filing at Companies House.
In the UK, turnover jumped from $51.8m to $279m, making TikTok a bigger advertising drawcard than Snapchat and almost level with Twitter, according to data from Insider Intelligence.
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