TikTok LIVE sales garnered nearly $2B in just 1 quarter of 2023, new lawsuit shows
Company's financial data has largely been mystery until now, could help structure deal to keep app operating in US
NEW YORK -- A newly revealed lawsuit against TikTok over kids' safety online is shedding light on the social media app's finances.
The lawsuit against the ByteDance-owned social media giant reveals it made nearly $2 billion globally in sales from TikTok LIVE during just one quarter of 2023.
And Bloomberg reports more than $400 million of that came from the U.S.
The company's financial data has largely been a mystery until now, and could help structure a deal to keep the app operating in the U.S.
President Donald Trump recently halted enforcement of a law banning the app in the U.S. over national security concerns.
SEE MORE: TikTok returns to Apple, Google app stores
Trump gave TikTok's Chinese parent company until next month to negotiate a sale.
The lawsuit unsealed Monday raises more concerns about child safety on the app, claiming there's rampant sexual and financial exploitation of children on TikTok LIVE.
It says 70% of 13- to 15-year-olds on the app claimed they were over 18 when signing up.
TikTok says that data is outdated, and says, "This lawsuit ignores the number of proactive measures that TikTok has voluntarily implemented to support community safety and well-being."
TikTok is just one app competing for children's attention. A medical group released new guidelines overnight on screen time, urging parents not to just focus on screen time, but to talk to kids more about what they're watching.
