Although, ByteDance, which is TikTok’s Parent Company, has not presented the global revenue, but according to the latest information from the company, TikTok UK has hit about 20 million dollars of sale in the UK alone with the marketing and annual sales of 109 million dollars alone in 2019.
According to Bloomberg, ByteDance made a revenue of 17 billion dollars in 2019 with an overall net profit of 3 billion dollars. A startup tracker called CB Insights reported that ByteDance is already worth 140 billion dollars which shows how exceptionally well the app is working and expanding.
After its launch, TikTok became one of the most popular apps in no time all around the world especially among the young generations. Its popularity rose so fast that currently almost 100 million users in UK and Europe are using the app and that at the beginning of 2018 when only handful of staff was appointed in the TikTok office of UK, they are now appointing hundreds of people from its social media foes and also considering to make the headquarters of TikTok UK in London but no final decision has been taken as till now.
Former President of America, Donald Trump, who previously claimed that the applications Chinese ownership makes it security threat has now given his blessing in Mid-September to the plan of ByteDance selling a part of TikTok to the Oracle Corp., Walmart Inc. and U.S. investment firms Sequoia Capital, KKR & Co. And General Atlantic and create a new company called TikTok Global but the deal has been stuck for months and no decision has been made up till now.
Even though TikTok has faced a few hurdles here and there it is growing fairly well in terms of revenue and downloads and this application has also given a business idea to a lot of developers from around the world who are now using TikToks idea in their application.
In latest new, a report came in that Gazprom, which is Russia’s top Media House run by its CEO Alexander Zharov, in collaboration with Innopraktika foundation which is an organization run by Katerina Tikhonova, who is the daughter of the ex-president and politician in Russia named Vladimir Putin are currently developing a video sharing application which is similar to TikTok in some aspects. The app has been in process for about a year and would hopefully be available to the public in two years.
This post was written by Arooj Ahmed and was first posted to Digital Information World
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