In 2023, TikTok sales hit an all-time high in the United States.

TikTok, owned by China’s ByteDance, earned about $16 billion in the United States last year, and the viral video app that appeals to Generation Z users is at risk of being banned in the United States, the Financial Times reported on Friday.

The Financial Times reported, citing five people familiar with the matter, that ByteDance’s revenue will reach $120 billion in 2023, a year-on-year increase of about 40%, driven by TikTok’s explosive growth, although China accounts for a majority of the company’s sales. a big part.

The short video app is used by about 170 million Americans and achieved record sales in the United States in 2023, the report said.

The report added that ByteDance, nicknamed the “App Factory” for its frequent release of mobile applications, is expected to surpass Facebook parent company Meta Platforms to become the world’s largest social media company by sales.

Meta’s 2023 revenue will grow 16% to $134.9 billion.

ByteDance did not immediately respond to a Reuters request for comment.

USA. The House of Representatives overwhelmingly passed a bill on Wednesday that would give ByteDance about six months to divest TikTok’s U.S. assets or face a ban.

TikTok was the most downloaded social media app in the United States in 2023, with 47 million downloads. Facebook and Instagram ranked second and third, with 35 million and 34 million downloads respectively, according to market intelligence firm Sensor Tower.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)