TikTok British subsidiary published its 2024 financial report, which amounted to $6.31 billion on the European market, an increase of 38 per cent over the same period. Māori reached $1.207 billion in 2024, demonstrating a more efficient income transformation capability. The main sources of income are advertising, live reward and TikTok Shop electric power company commission, while the number of employees decreased by 6 per cent to 7981.
According to financial reports, TikTok’s British subsidiary earned $6.31 billion in European markets (including the European Union, the United Kingdom, Switzerland and the European Free Trade Association countries) in 2024, an increase of 38 per cent over the same period, a significant increase from $4.6 billion in 2023 and $2,618 million in 2022. This increase was the result of a diversified source of income from TikTok ‘ s advertising, live reward and electricity business. Despite a slowdown in the rate of increase from 74.5 per cent in 2023 to 38 per cent, companies have significantly improved their financial performance through cost optimization.
TikTok British Company earned 65-70 per cent of total revenue in 2024, or between $4.1 billion and $4.4 billion, an increase of about 35 per cent over the same period. TikTok ‘ s advertising revenues in the European market increased from $1,652 million in 2022 to about $3 billion in 2023, and in 2024 it benefited further from the expansion of TikTok Shop and the precision placement of brand advertisements.
Direct reward income contributed about 15-20 per cent in 2024, between $950 million and $1.26 billion, up from $790 million in 2022 and about $1 billion in 2023. This increase is due to the ecological maturity of TikTok live in Europe, where users support creators by buying virtual gifts.
The expansion of TikTok Shop in markets such as Germany, France and Italy has contributed to the growth of electricity producers ‘ revenues, contributing about 10-15 per cent of revenues in 2024, about $630 million to $950 million. Globally, TikTok Shop ‘ s total merchandise trade (GMV) reached $33.2 billion in 2024, of which the European market was an important growth point.
In 2023, TikTok was fined $370 million by the Data Protection Commission of Ireland for violating EU child data protection regulations, resulting in legal-related expenditure of up to $1 billion. In 2024, the company reduced the risk of regulatory fines through the Project Clover programme (construction of data centres in Norway and Finland), and legal expenditure decreased significantly.
TikTok UK has achieved significant efficiency gains. The number of staff decreased by 6 per cent to 7981 from about 8,500 in 2023, with staff reductions concentrated in non-core sectors such as marketing and administration. At the same time, after rising from $660 million in 2022 to $805 million in 2023, staff costs remained stable in 2024, indicating a more efficient human resource allocation. Sales costs declined slightly from $3.38 billion in 2023 to about $3.2 billion in 2024 and administrative costs from $1.57 billion to about $1.2 billion, reflecting the company ‘ s increased operational efficiency.
TikTok’s British subsidiary, 2024, showed steady growth in the European market through cost optimization and diversified sources of income. TikTok Europe is expected to receive between $8 billion and $9 billion in 2025, and advertising revenues will continue to dominate, and the expansion of TikTok Shop could contribute more than 20 per cent of revenue growth.