Global ad revenue for video-sharing app TikTok is forecast to jump by 51.7% year-over-year in 2023 despite the wider ad market slowing, according to recent research from WARC.
The report was based on advertising expenditure data drawn from media owners.
The researchers expect TikTok's advertising revenue to reach $15.2 billion in 2023, up from $10 billion in 2022 and $3.8 billion in 2021.
The researchers expect ad spend to increase on TikTok in 2023 across all the categories they examined, including sectors that are forecast to see an overall ad spend decrease this year, such as automotive and soft drinks.
Firms in five key categories are forecast to spend more than $8.5 billion on TikTok in 2023: technology and electronics ($2 billion), toiletries and cosmetics ($1.8 billion), retail ($1.7 billion), clothing and accessories ($1.7 billion) and telecoms and utilities ($1.5 billion).
About the research: The report was based on advertising expenditure data drawn from media owners.
