BEIJING/HONG KONG: According to two individuals familiar with the situation, TikTok owner ByteDance’s overall income increased by 70% year on year to roughly US$58 billion in 2021, but at a slower rate than a year earlier as China tightens its oversight of major internet businesses.

According to the sources, the data were shown to a select group of staff during a social media giant’s internal meeting this week.

According to Reuters, the Beijing-based company’s overall sales increased by more than 100 percent to $34.3 billion in 2020.

ByteDance did not reply quickly to a request for comment.

Tencent Holding and Alibaba Group have reported slowed growth amid a broad crackdown by the country’s regulators, who have set out new regulations limiting how they operate and interact with their customers.

Tencent’s revenue increase in the third quarter was the worst since the company went public in 2004.

According to a recent survey issued by researcher Interactive Marketing Lab Zhongguancun, ByteDance maintained its second-ranked position in China’s online advertising sector last year, with a market share of 21%.

According to the survey, the number one spot was still held by e-commerce behemoth Alibaba, while the third spot went to gaming giant Tencent.

According to the estimate, the overall growth of online ad sales in China would be 9.3 percent in 2021, down from 13.8 percent the previous year.

Website for technology news According to The Information, ByteDance’s income in 2021 is expected to increase by nearly 60% to 400 billion yuan (US$63.07 billion).

According to Reuters, ByteDance is one of the world’s largest private tech businesses, with recent trades in the private-equity secondary market valuing it at over US$300 billion.

ByteDance has lately downsized its robust investment arm in response to Beijing’s antitrust measures.

ByteDance reorganised itself into six business areas in November, the most significant organisational move since ByteDance founder Zhang Yiming announced in May that he would stand down as CEO.

ByteDance’s other applications, in addition to TikTok, include its Chinese version Douyin, news aggregate Jinri Toutiao, and video-streaming platform Xigua.

According to app tracker Sensor Tower, users spent around US$2.3 billion on TikTok and the iOS version of Douyin in 2021, a 77 percent increase year on year.

Leave a Reply

Your email address will not be published. Required fields are marked *