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.
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