TikTok US Revenue (2021–2024)
Total social media ad spend in the United States is forecast at around $94 billion in 2023 and expected to reach $131 billion by 2027. As the fastest-growing social media platform there, it’s no surprise that TikTok’s US revenue has also been increasing. After all, it is already established itself as the third-biggest social commerce platform (in terms of the number of social buyers).
To understand how to succeed at TikTok, you need to first understand just how quickly TikTok is growing its revenues and why. Here’s an in-depth look at TikTok’s US revenue in recent years.
TikTok US revenue in 2023
According to recent data, TikTok’s US revenue is set to hit $8.75 billion in 2023. This includes ads of various formats appearing on desktops, laptops, mobile devices (smartphones and tablets), and other internet-connected devices. This year’s revenue marks a 46.8% increase from 2022, when its total revenue was $5.96, which was more than the combined revenues of rival networks Twitter and Snapchat.
This year’s increase also means TikTok’s US revenue currently represents 3.1% of the total digital ad spend, a 0.7 percentage point increase from 2022’s 2.4%.
Industry experts attribute this rampant growth to TikTok’s popularity among young consumers, especially Gen Z. Data shows that as many as 16% of teenagers are “constantly” accessing the platform.
TikTok US revenue: 2024 forecast
TikTok’s US revenue is set to continue rising in the coming year, albeit at a slower pace. In 2024, analysts predict TikTok’s US revenue will reach $11 billion—a 25.8% increase over 2023’s numbers. It will make up 3.5% of the total digital ad spend in the country.
From 2021 to 2024, TikTok’s US revenue is forecast to increase fivefold, growing at an average annual rate of 107%.
The rate at which TikTok’s US revenue is increasing should come as no surprise. Launched in 2016, the platform shot to popularity very quickly, capturing the hearts and attention of young consumers. Today, not only does it rank among the most popular social media platforms, it is also the social network consumers spend the most time on. Recent TikTok statistics also show a growing number of US adults have started to use the platform, which gives brands more incentive to market and advertise on TikTok.