ByteDance, owners of TikTok, grew revenue by 70% in 2021
ByteDance, the owner of the short video app TikTok, grew its revenue by 70% to about $58 billion in 2021, according to people familiar with the matter. Though exhibiting a slower growth than a year earlier, as China tightens its grip on big tech companies, the quantum growth is still phenomenal. In 2020, the Beijing-based company’s total revenue grew by over 100% to $34.3 billion, Reuters reported.
Reuters explained that the figures were disclosed to a small group of employees at an internal meeting recently, according to the people, pointing out that ByteDance did not immediately respond to a request for comment.
Chinese tech giants from Tencent to Alibaba have reported slowing growth amid a wide-ranging crackdown by the country’s regulators who have rolled out new rules that have impacted how such companies carry out deals and interact with their end-users.
However, the social media giant retained its second-ranked position in China’s online advertising market last year, with a market share of 21%, according to a recent report published by researcher Interactive Marketing Lab Zhongguancun. The number one position was still held by e-commerce giant Alibaba group, and the third place went to gaming giant Tencent Holdings.
The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says. Tech news website The Information last November reported that ByteDance’s 2021 revenue was on track to rise about 60% to $63.07 billion.
ByteDance is one of the world’s biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion. A breakdown of TikTok’s total revenue last year wasn’t available. Besides TikTok, ByteDance’s other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.
In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of its Chinese version Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower.
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