TikTok revenues to grow 41.5% as social media companies face $40bn shortfall in 2023

Celeste Huang

An overview of advertising revenue growth of major social media companies in 2023.

The latest forecast report by WARC (The Ad Spend Outlook 2022/23: Impacts of The Economic Slowdown) finds that TikTok will lead growth in revenue among major online players this year (+143.4%) and next (+41.5%).

Social ad spend will rise by 11.5% this year and is set to ease back to just 5.2% growth in 2023 – the slowest rate yet for the sector.

TikTok revenue will grow 41.5% next year to $13.2bn worldwide which, when taken together with an expected $55.5bn take for Douyin, puts parent-company Bytedance’s advertising income up 17.0% to $68.6bn in 2023.

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