TikTok’s parent firm ByteDance’s revenue has gone up massively after the leading tech company witnessed a double-digit sales growth.
Recent data showcases how the enterprise's revenue went up by nearly 30% to cross the $80 billion figure in 2022. And that is in line with its famous arch-rival Tencent Holdings.
The news comes after its two highly popular and successful ventures, TikTok and Douyin got plenty of attention from respective advertisers that left other apps to work with them.
In case you did not know, the Chinese-based company is being scrutinized intensely because of how private it is and how little of its operations and functioning it shares with the world. But speaking to investors through a recently sent out private memo, it’s celebrating its huge success where revenue went from $60 billion in 2021 to $80 billion in 2022.
The news was confirmed by an insider who opted to remain anonymous while discussing the matter privately. This is a huge growth that topped the majority of the world’s internet leaders such as Meta and Amazon as well. And with the $80 billion record, it’s almost in line with the operators of WeChat called Tencent. The latter managed to bring in a whopping 554 billion yuan in 2022 which is equal to $80 billion.
These stats were first detailed by leading tech media outlet The Information. However, ByteDance is yet to confirm the exact stats and any request for comment on the subject which is not too surprising considering how private it really is in the real world.
It’s actually surprising to see all of this come at a time when the US is picking up the pace to target the firm’s TikTok app and possibly call for a complete ban in the nation, citing a threat to the country’s safety and security.
But it’s not just America that has TikTok worried. Other nations are also banning the app from the devices belonging to officials. As it is, India has the app blocked and the same could be seen very soon with the US after we saw the company’s CEO testify before Congress.
Today, both TikTok and Douyin are attracting investors and advertisers because they feel more secure and profitable to take on leading video-based apps whose growth and popularity continue to soar as the world moves away from things like online media.
But it’s safe to say the journey has not been too easy for ByteDance. They’ve also had to deal with the downturn effect of the world’s recession like other leading tech firms. Similarly, the growing rates of inflation and interest in places like China and the US did not help in making things easier either.
With that being said, the popularity of TikTok in the US cannot be denied. Today, the American market for the platform comprises nearly 150 million users every month. And that has US lawmakers worried as they feel their data is in the hands of officials working for the Chinese government due to links with the parent firm ByteDance.
Despite the company’s CEO working long and hard to convince them that this is not the case, there seems to be a genuine aura of woe and worry about what’s next.
Back in its home country of China, ByteDance made the choice to join hands with two leading firms, Alibaba and Tencent to overcome the hurdles of a surge in costs. And it appears that has worked well in its favor.
Read next: Privacy Concerns In The Online World Continue To Instill A Trust Gap Among Brands And Consumers
Recent data showcases how the enterprise's revenue went up by nearly 30% to cross the $80 billion figure in 2022. And that is in line with its famous arch-rival Tencent Holdings.
The news comes after its two highly popular and successful ventures, TikTok and Douyin got plenty of attention from respective advertisers that left other apps to work with them.
In case you did not know, the Chinese-based company is being scrutinized intensely because of how private it is and how little of its operations and functioning it shares with the world. But speaking to investors through a recently sent out private memo, it’s celebrating its huge success where revenue went from $60 billion in 2021 to $80 billion in 2022.
The news was confirmed by an insider who opted to remain anonymous while discussing the matter privately. This is a huge growth that topped the majority of the world’s internet leaders such as Meta and Amazon as well. And with the $80 billion record, it’s almost in line with the operators of WeChat called Tencent. The latter managed to bring in a whopping 554 billion yuan in 2022 which is equal to $80 billion.
These stats were first detailed by leading tech media outlet The Information. However, ByteDance is yet to confirm the exact stats and any request for comment on the subject which is not too surprising considering how private it really is in the real world.
It’s actually surprising to see all of this come at a time when the US is picking up the pace to target the firm’s TikTok app and possibly call for a complete ban in the nation, citing a threat to the country’s safety and security.
But it’s not just America that has TikTok worried. Other nations are also banning the app from the devices belonging to officials. As it is, India has the app blocked and the same could be seen very soon with the US after we saw the company’s CEO testify before Congress.
Today, both TikTok and Douyin are attracting investors and advertisers because they feel more secure and profitable to take on leading video-based apps whose growth and popularity continue to soar as the world moves away from things like online media.
But it’s safe to say the journey has not been too easy for ByteDance. They’ve also had to deal with the downturn effect of the world’s recession like other leading tech firms. Similarly, the growing rates of inflation and interest in places like China and the US did not help in making things easier either.
With that being said, the popularity of TikTok in the US cannot be denied. Today, the American market for the platform comprises nearly 150 million users every month. And that has US lawmakers worried as they feel their data is in the hands of officials working for the Chinese government due to links with the parent firm ByteDance.
Despite the company’s CEO working long and hard to convince them that this is not the case, there seems to be a genuine aura of woe and worry about what’s next.
Back in its home country of China, ByteDance made the choice to join hands with two leading firms, Alibaba and Tencent to overcome the hurdles of a surge in costs. And it appears that has worked well in its favor.
Read next: Privacy Concerns In The Online World Continue To Instill A Trust Gap Among Brands And Consumers
