TikTok Owner Sees Revenues Double in 2020

TikTok Owner Sees Revenues Double in 2020

TikTok. Shutterstock

ByteDance, the parent company of TikTok and its Chinese version Douyin, saw revenues last year more than double to at least $35 billion, according to figures quoted by Bloomberg and as much as $37 billion, according to media outlet The Information, which first reported on the financials of ByteDance, a privately-held company. Both outlets cited unnamed sources familiar with the matter.

A healthy growth of ad sales by its Chinese apps was responsible for the revenue growth, offsetting the impact from India’s ban on TikTok and the US’s threat of a ban. The Chinese tech titan also recorded over $7 billion in operating profit during the same period, increasing from the less than $4 billion generated the year before.

TikTok has grown in importance as a marketing tool for fashion and beauty brands during the pandemic, during which it has been enthusiastically embraced by a valued cohort of Gen-Z consumers.

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