Exploring TikTok’s Robust 75% Revenue Surge in Europe and Beyond in 2023: Growth Drivers and Challenges

TikTok, a subsidiary of ByteDance, saw a 75% surge in its 2023 revenue from Europe, the UK, and other locations outside the US and Asia. The company attributes this growth to an expanding user base, enhanced advertising results, and increased earnings from live-streaming.

The company's operational deficit increased to 30% last year, a rise from 20% in 2022, mainly due to "single-instance provisions of legal and associated issues" which incurred expenses over US$1 billion.

The company announced that it had allocated over US$1 billion by the close of the previous year to cater for "legal and related issues". The division also stated it made provisions for any "potential responsibilities that could stem from continuing regulatory compliance probes or judgments passed by pertinent regulatory bodies".