TikTok’s Staggering Growth Surpasses Expectations, Soaring to $63.3 Billion

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By the close of 2024, TikTok pulled in about $8 billion in ad revenue just from the U.S. With over 1.9 billion monthly active users globally, and 145 million in the U.S. alone, its reach is undeniable.

Omdia’s Senior Research Director, María Rua Aguete, revealed these numbers during a panel at Content Americas. TikTok’s global video revenues soared to $63.3 billion, nearly doubling YouTube’s $33.3 billion, Variety reports.

For U.S. audiences aged 18 to 35, TikTok and YouTube are the top video platforms, leaving behind Instagram, Facebook, and Netflix. Rua Aguete noted that 92% of TikTok users also check YouTube monthly, and 61% do so daily. The overlap is clear, but TikTok’s potential ban could push millions toward YouTube and Meta’s platforms like Facebook and Instagram.

TikTok holds a special place in Hispanic communities in the U.S., where engagement is higher compared to non-Hispanic users. Despite its appeal to younger crowds, Rua Aguete pointed out that 17% of Americans aged 55 to 64 are also on TikTok. ‘It’s not just for teenagers anymore,’ she explained.

All of TikTok’s revenue comes from ads, and at $63 billion, it stands out even when compared to giants like Netflix, Meta, or Disney. Another trend Rua Aguete highlighted is how viewing habits are shifting.

While TikTok, Facebook, and Instagram remain mostly mobile-focused, 52% of YouTube’s U.S. audience now watches on TV, a number that continues to rise.

Streaming services are growing, with SVOD (Subscription Video On Demand) expected to climb from 154 million subscriptions in 2024 to 174 million in 2025. In Latin America, Netflix dominates with 48% of SVOD revenue, followed by Disney at 12% and Paramount at 8%.

The region’s top markets, Mexico and Brazil, are fueling this growth. ‘Netflix continues to lead globally and will stay on top for the next five years,’ Rua Aguete added, emphasizing its investment in Spanish content.

Latin America is emerging as a booming market, with growth predicted at 9.4% this year, reaching $55 billion by the end of 2025. Meanwhile, the U.S. market will grow by 3.3% in 2025, a slower pace than the global average.

FAST (Free Ad-Supported Streaming TV) revenues are also on the rise, projected to hit $11.7 billion globally by 2029, with the U.S. leading at $9.4 billion.

In Latin America, these revenues could grow from $231 million in 2024 to $569 million by 2029. Brazil is set to become a major player, overtaking Canada and trailing only the U.K.

Despite the rise of streaming, Rua Aguete reminds us not to count out pay TV just yet. ‘In some countries, it’s still crucial. Don’t ignore pay TV players,’ she advised.

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Mark is the kind of person who gets way too excited about new software updates and can’t resist taking apart gadgets—just to see if they can put them back together. With years of experience in tech journalism and a love for all things digital, Mark writes about the stories behind the screens, from game-changing innovations to the everyday tech that keeps life running smoothly. Outside of work, they’re the go-to “tech support” for friends and family, whether it’s fixing a printer that won’t cooperate or explaining why Grandma’s laptop keeps showing pop-ups. When Mark isn’t glued to their screen, they’re probably building their dream PC, rewatching sci-fi movies for the hundredth time, or testing a gadget that promises to “change everything.” Spoiler: they’ll let you know if it actually does.