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| Tik Tok sales increased in Europe last year |
According to TikTok UK registration records, TikTok sales in Europe rose 545% to $170.8 million last year as advertisers increased their spending on the platform.
The brief shows how the company has invested heavily in growing its European business to compete with competitors such as Facebook, Instagram, Snapchat and YouTube.
The loss of this Chinese company decreased from $118.7 million in 2019 to $644.3 million in 2020.
A company spokesperson said: "The results reflect an exciting period of business growth. As the community has evolved, our returns have increased exponentially and we will continue to invest actively in order to lay a solid foundation for the platform's long-term success.
Staffing is one of Tik Tok's biggest expenses. Last year, the company's number of employees in Europe increased by more than 1,000, from 208 in 2019 to 1,294 in 2020.
When asked how many employees it has in other parts of the world, the company declined to comment. But the company said in July that it hoped to increase its workforce in the United States from 1,400 to 10,000.
The document shows that in addition to employees, the company's sales and marketing costs were $344.9 million in 2020, an increase of more than $110.3 million in 2019.
The platform has been so popular over the past three years that earlier this month it announced that its platform has 1 billion monthly active users, a 45% increase from July 2020.
Tik Tok is investing heavily in expanding its European business
The company stated in January 2018 that it has about 55 million global users. By December 2018, that number had grown to over 271 million and by December 2019 it had risen to 507 million. The company announced last summer that it had nearly 700 million monthly active users.
But TikTok understands that the growth may not continue. The company, owned by China's ByteDance, said in its business risk division that it faces competition from internet companies that operate content-based social platforms. Facebook and Snapchat are the main competitors.
In recent years, the scale of these social media companies has increasingly placed them under regulatory oversight.
In the compliance risks section of the document, TikTok said it is subject to a number of new and existing laws in the regulatory environment that could be changed.
The company suffered many setbacks. Including a possible US ban after the previous Trump administration deemed data storage and security a national security risk.
If it wanted to continue on a large scale, its US assets would be sold to a US company. Oracle was later referred to as a trusted technology provider.
However, after President Joe Biden took office, the company was able to continue business as usual. In February of this year, the "Wall Street Journal" reported that Oracle had postponed the deal indefinitely.
That summer, Biden also signed an executive order setting standards for the government to assess enforcement risks related to foreign counterparties.
Although some disapproved of the company's work, the number of European employees increased significantly. This is because he is concerned that the so-called culture of the 996 is being implemented by some Chinese companies. This practice involves working from 9 a.m. to 9 p.m. 6 days a week.