ByteDance is an internet technology company founded by Zhang Yiming in 2012. Its worth is around 100 billion dollars in May 2020 according to a report. ByteDance is the developer of the famous video-sharing app TikTok, social networking services, and Douyin. ByteDance also acquired Shanghai-based social media start-up Musical.ly. However, TikTok is a Chinese app that is controlled outside China by the ByteDance. TikTok has faced many threats of getting banned by the US lawmakers due to the allegations that this app is sharing information with the Chinese Government.
Recently, India has also banned TikTok permanently, due to which the viewership and usage of this app have decreased. This could have put the survival of ByteDance in danger. But things look totally changed. ByteDance has made sure its survival, not only this the revenue of the ByteDance has also increased to a great extent. Due to a ban in India, ByteDance suffered a huge loss, but due to these major sales of ads by its Chinese apps have setoff the loss of TikTok ban in India, and there were also changes of getting banned in the US.
ByteDance revenue was around 18 billion dollars in the year 2019, but in the year 2020, due to the pandemic situation, people found the TikTok app interesting. The users of TikTok were increased greatly in the last year. TikTok’s trend of 15 seconds is also copied by many other social media platforms such as Snapchat, Facebook and Instagram. The social media company has made an operating profit of around 7 billion dollars in the year 2020, which was not even 4 billion dollars in the last year, as per TI.
ByteDance also owns different types of apps besides TikTok such as Douyin, Toutiao, Xigua Video, Social media platform Helo. These apps are becoming very popular among the youngsters due to which the ads sales have increased greatly by these apps. ByteDance has also recovered the loss of its TikTok ban in India.
Due to the pandemic situation, online education became significant in China, keeping in view the situation of pandemic ByteDance introduced Dali Education which is its EdTech brand.
ByteDance is continuously launching different types of apps according to the requirement of users, therefore, the ByteDance is currently controlling more than 90 percent of the digital market payments.
Credit: SOPA Images/LightRocket via Getty Images
Read next: TikTok’s New “Creator Portal “Is An Educational Centre For The Users
Recently, India has also banned TikTok permanently, due to which the viewership and usage of this app have decreased. This could have put the survival of ByteDance in danger. But things look totally changed. ByteDance has made sure its survival, not only this the revenue of the ByteDance has also increased to a great extent. Due to a ban in India, ByteDance suffered a huge loss, but due to these major sales of ads by its Chinese apps have setoff the loss of TikTok ban in India, and there were also changes of getting banned in the US.
ByteDance revenue was around 18 billion dollars in the year 2019, but in the year 2020, due to the pandemic situation, people found the TikTok app interesting. The users of TikTok were increased greatly in the last year. TikTok’s trend of 15 seconds is also copied by many other social media platforms such as Snapchat, Facebook and Instagram. The social media company has made an operating profit of around 7 billion dollars in the year 2020, which was not even 4 billion dollars in the last year, as per TI.
ByteDance also owns different types of apps besides TikTok such as Douyin, Toutiao, Xigua Video, Social media platform Helo. These apps are becoming very popular among the youngsters due to which the ads sales have increased greatly by these apps. ByteDance has also recovered the loss of its TikTok ban in India.
Due to the pandemic situation, online education became significant in China, keeping in view the situation of pandemic ByteDance introduced Dali Education which is its EdTech brand.
ByteDance is continuously launching different types of apps according to the requirement of users, therefore, the ByteDance is currently controlling more than 90 percent of the digital market payments.
Credit: SOPA Images/LightRocket via Getty Images
Read next: TikTok’s New “Creator Portal “Is An Educational Centre For The Users
