Profit of Russian TikTok grew 10 times over the year – Kommersant
[ad_1]
In 2022, despite the suspension of monetization in Russia, the profit of the Russian TikTok (TikTok Rus LLC) increased by 9.8 times compared to the previous year and amounted to 530.3 million rubles. This follows from the company’s financial statements, which RBC.
The revenue of Russian TikTok for the year fell by 29%, amounting to 2.36 billion rubles. At the same time, 1.4 billion rubles. revenue was generated by advertising (2.5 times less than a year earlier), the rest is marketing and consulting services for the parent company TikTok.
As specified in the reporting, due to the lack of targeted advertising and, as a result, a decrease in the company’s revenue, it was necessary to terminate labor relations with the majority of employees in Russia. Thus, at the end of 2022, 67 people worked in Russian TikTok instead of 354 people a year earlier. The company gave 112.5 million rubles for payments due to layoffs of employees.
TikTok suspended monetization in Russia on March 6, 2022 due to the start of a military operation in Ukraine. This also affected the placement of targeted advertising aimed at Russian users. In addition, the platform banned users from Russia from uploading content and broadcasting.
[ad_2]
Source link
