ByteDance, the Chinese parent company of TikTok, recorded USD 6.3 billion in revenue from its flagship app outside the United States in 2024, a 38% increase from the previous year, according to filings with the UK’s Companies House, Forbes reported.
TikTok’s operations in the UK, Europe, and Latin America more than doubled revenues since 2022, when the app brought in USD 2.6 billion. Despite its rapid growth, the platform is still unprofitable, though it has narrowed pre-tax losses to USD 616 million in 2024 from USD 1.47 billion in 2023.
Globally, ByteDance continues to expand beyond TikTok with apps such as Douyin, Jinri Toutiao, and Lemon8. The Information reported that ByteDance’s total revenue climbed 29% last year to USD 155 billion, closing in on Meta’s USD 164.5 billion.
Still, TikTok faces mounting regulatory pressure. In the US, President Donald Trump is expected to grant ByteDance another temporary reprieve from a ban. In Europe, authorities are intensifying investigations. The company set aside USD 1 billion for fines, half of which went to Ireland’s data regulator in April.
The European Commission launched proceedings after TikTok allegedly failed to curb disinformation during Romania’s 2024 presidential election, which was later annulled. Regulators in the UK, Spain, and France are also probing TikTok for potential data misuse and risks to children.
To ease concerns, TikTok launched its “Project Clover” initiative, opening a data center in Norway and planning another in Finland to reduce Chinese access to European user information. But under the EU’s Digital Services Act, the company could face fines of up to 6% of annual revenue if it fails to disclose advertiser data.
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