TikTok generated $23 billion in revenue in 2024, a 42.8% YoY increase, according to a new report by Business of Apps. The growth cements TikTok’s position as the world’s fourth-largest social platform, trailing only Facebook, Instagram, and YouTube. The platform continues to show high user engagement, with average weekly usage per user reaching 7 hours and 30 minutes — comparable to Netflix and YouTube. Advertising contributed 77% of TikTok’s total revenue, with the remainder coming from e-commerce and in-app purchases. Despite a broader slowdown in net profit growth for parent company ByteDance, TikTok’s overseas revenue jumped 63% from the previous year.