TikTok Australia's revenue jumped to a whopping $173.9 million in 2022.
👉 Background: TikTok has been through a LOT over the last 12 months. Government workers have been banned from using TikTok on their phone. And who can forget the massive Congress hearing in the US.
👉 What happened: But it’s all water off a duck’s back for TikTok Australia. Their revenue jumped to a whopping $173.9 million in 2022 - from $66 million in 2021.
👉 What else: It looks like this number is likely to grow even further for the Tok. Over the past few weeks, TikTok has reversed a previous ban on gambling ads - so Neds, Ladbrokes, Tabcorp’s Dabble and Sportsbet have all started advertising.
💡 Bettings advertising has become a double-edged sword in Australia. On the one hand, betting companies have pumped more than $180 million per year into the TV networks - almost keeping them alive.
💡 But on the other hand, Australians are the largest spenders on gambling in the world per capita
And ads have become so prominent that it normalises gambling at a young age.
💡So while previously, TikTok had a strict ban on betting companies advertising on the app, it seems to have changed its mind because it's missing out on lucrative revenue.
Sign up for Flux and join 100,000 members of the Flux family