TikTok is the only large social media platform to “significantly increase” its advertising revenue this year, new research has revealed.

A report by media buying agency GroupM estimates that TikTok doubled its advertising revenue in 2022, taking market share from rivals including Snap and Meta.

Another report by the agency Magna found that advertising spend on social media overall had grown by just four per cent, down from 36 per cent in 2021. Magna added that it expects ad spending on social media to rise by seven per cent in 2023.

The Financial Times (FT) recently reported that TikTok had cut its global revenues forecasts for this year, noting this was a sign that the company was not immune to the pressure facing competitors even though it is still growing.

Luke Stillman, senior vice president at Magna, told the FT: “A more competitive environment and data headwinds have dramatically slowed the amount of new money flowing into social media this year.”

Stillman added: “Looking forward, consumers have gravitated towards short vertical video formats and advertisers are focusing on those.”

The research follows news that TikTok could face a £27 million fine following an investigation by the UK’s Information Commissioner’s Office (ICO) which found the company may have breached UK data protection law.

John Edwards, ICO information commissioner, commented: “Companies providing digital services have a legal duty to put those protections in place, but our provisional view is that TikTok fell short of meeting that requirement.”

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