TikTok’s Australian revenue swells to $679 million despite US turmoil
The short-form video platform recorded a revenue surge of 80% in 2024, as local advertisers remained unfazed amid ongoing US policy uncertainty.
TikTok generated more than $678 million in revenue from Australia in 2024, on the back of a rapidly growing local advertising operation, despite ongoing US policy uncertainty tied to national security concerns.
Audited accounts filed with the Australian Securities and Investments Commission on Wednesday, seen by Capital Brief, show the global short-form video platform’s Australian group revenue surged 80% to $678.96 million in the 12 months to 31 December.
TikTok Australia is the local subsidiary of the platform’s Beijing-headquartered parent company, ByteDance. The local accounts show a group profit of $31.1 million, nearly triple the $11.3 million booked a year earlier. The company paid $11.1 million in tax.
Globally, TikTok generates the bulk of its income from a fast-growing advertising business, selling inventory against an algorithm that draws more than 9.5 million Australians to the platform each month, alongside about 170 million users in the US.
