TikTok is set to grow its ad revenue this year in the United States by 184.4% and reach $5.96 billion.
According to Insider Intelligence/eMarketer, TikTok’s fast ad growth could reach over $11 billion in 2024. Last year, the social media company had $2.1 billion in ad revenue.
TikTok is projected to receive around 2.4% of the country’s nearly $250 billion in digital advertising this year. According to the report, this is only 1% less than YouTube but more than Snapchat and Twitter combined.
Still, Google dominates with 28.2% of digital ad spend, and Meta’s Facebook has 22.3%.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon