Hassan Khan
TikTok’s 2024 story is a tale of two worlds one of rapid growth and another of relentless pressure.
On one hand, the popular short video app saw its revenues outside the United States climb 38% to $6.3 billion, with Europe, the U.K, and Latin America leading the surge. That’s more than double what it earned just two years ago. ByteDance, TikTok’s parent company, is inching closer to the scale of giants like Meta, with overall revenues hitting $155 billion.
But behind the financial highs lies a growing storm. In the U.S, President Biden signed a law that could ban TikTok unless ByteDance sells it, putting the app’s future in its biggest market at risk. Across Europe, regulators are also circling. TikTok set aside $1 billion for potential fines, and with investigations piling up from concerns about children’s data to election interference that decision now looks like a wise precaution.
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Despite narrowing losses (down to $616 million in 2024 from $1.47 billion the year before), TikTok is cutting costs and staff. The company is leaning on artificial intelligence to handle moderation work, even as it reassures users that safety remains a priority.
TikTok is also investing in European trust measures through “Project Clover,” including new data centers in Norway and Finland to reduce Chinese access to user data. Whether these moves will be enough to ease regulators’ worries remains to be seen.
TikTok’s success in Europe shows that its global influence is still growing, even as it faces some of the toughest political and legal challenges in its history. For users and creators, it’s a reminder that the app’s future may look very different depending on where you live.
Summary
TikTok had a mixed year in 2024 while its revenue in Europe jumped 38% to $6.3B, the app is still under fire with U.S ban threats and European fines. Despite the pressure, ByteDance is trimming costs and moving closer to profitability.
