ByteDance’s revenue increases over 30% post success of TikTok & Douyin

Revenues of ByteDance reportedly surged over 30%, going as high as USD 80 billion, in 2022 backed by the increasing popularity of TikTok and Douyin. Both platforms attracted advertisers and attention from social media incumbents.

The private tech firm, which is world’s most valuable, told investors through recent memo that its revenue surged from approximately US$60 billion back in 2021, cite sources privy to the matter.

The double-digit growth rivaled that of several global Internet giants, including Amazon.com, and Facebook’s Meta Platforms. At the USD 80 billion mark, the firm’s topline is now on par with that of Tencent, which reported revenues of more than ¥554.6 billion (USD 80.5 billion) back in 2022.

This pace of growth highlights the resilience of the social media firm’s business at a very unstable time where Washington is threatening to follow India’s lead in banning TikTok throughout the nation. An increasing number of government agencies throughout the globe are already wiping TikTok from the phones of government officials.

TikTok, along with its Chinese cousin, Douyin, are rapidly siphoning off ad money from other social media platforms as more cost-conscious marketers shift away from conventional online media and toward the most quickly expanding video services.

While technology forms had to deal with the risks of global recession, ByteDance had to tackle issues apart from inflation and high interest rates, especially in the US and its home market, China.

In the US, TikTok amassed over 150 million monthly active users, fueling concerns regarding China’s ability to access to the data it collects. Meanwhile, in China, ByteDance teamed up with the likes of Tencent and Alibaba Group Holding to enact unprecedented cost curbs through the numerous COVID-19 restrictions and regulatory crackdowns.

ByteDance’s still-strong growth can likely reinvigorate investor confidence shaken by recent events across the globe. The Chinese firm was valued at more than USD 220 billion during a recent private investment by G42, a leading Abu Dhabi based AI firm. This was nearly USD 80 billion below the USD 300 billion TikTok’s owner had set during the share buyback program in September.

Source credit: https://www.straitstimes.com/business/bytedance-revenue-surges-over-30-to-surpass-1065-billion-in-2022-after-tiktok-boom

Photo of Puja More

Puja More

Puja More holds a graduate degree in Computer Science from the University of Pune. Nurturing her passion of playing with words however, Puja undertook content writing as a career path and boasts of rich experience in content production, copywriting, and digital marketing. Presently, Puja writes articles on technology, business, and healthcare for playthemusic.biz and a few similar portals.