TikTok owner Bytedance sees growth slow despite 70% jump in revenue

Beijing-based Bytedance, proprietor of in style video app TikTok, had whole income rise 100% in 2020.
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TikTok proprietor ByteDance noticed its whole income develop by 70% 12 months on 12 months to round $58 billion in 2021, in keeping with two folks accustomed to the matter, slower development than a 12 months earlier as China tightens its regulation of huge tech firms.

The figures had been disclosed to a small group of staff at an inner assembly of the social media big this week, in keeping with the folks.

In 2020, the Beijing-based firm’s whole income grew by over 100% to $34.3 billion, Reuters has reported.

ByteDance didn't instantly reply to a request for remark.

Chinese language tech firms from Tencent Holdings to Alibaba Group have reported slowing development amid a wide-ranging crackdown by the nation’s regulators who have rolled out new guidelines governing how they function and work together with their customers.

Tencent within the third quarter posted its slowest income development because it went public in 2004.

ByteDance retained its second-ranked place in China’s internet marketing market final 12 months, with a market share of 21%, in keeping with a latest report printed by researcher Interactive Advertising Lab Zhongguancun.

Regardless of indicators of slowing development, Bytedance, led by Zhang Yiming, retained its second-ranked place in China’s internet marketing market final 12 months, with a market share of 21%.

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The primary place was nonetheless held by e-commerce big Alibaba, and third place went to gaming big Tencent, in keeping with the report.

The general development of on-line advert gross sales in China declined to 9.3% in 2021 from 13.8% a 12 months earlier, the report says.

Tech information web site The Info final November reported that ByteDance’s 2021 income was on monitor to rise about 60% to 400 billion yuan ($63.07 billion).

Bytedance is amongst Chinese language tech corporations from Tencent to Alibaba which have skilled slowing development amid a wide-ranging crackdown by China’s regulators.

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ByteDance is without doubt one of the world’s greatest non-public tech firms with latest trades within the private-equity secondary market valuing it at about $300 billion, Reuters has reported.

Following Beijing’s antitrust efforts, ByteDance has lately been downsizing its highly effective funding arm.

In November, ByteDance reorganized itself into six enterprise models in its greatest organizational change since ByteDance founder Zhang Yiming mentioned in Could he would step down as CEO.

Income this 12 months for the proprietor of in style app TikTok was on monitor to rise about 60% to 400 billion yuan ($63.07 billion), in keeping with media stories.

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In addition to TikTok, ByteDance’s different apps embody its Chinese language equal Douyin, information aggregator Jinri Toutiao and video-streaming platform Xigua.

In 2021, customers spent roughly $2.3 billion in TikTok and the iOS model of Douyin, a 77% bounce year-over-year, in keeping with app tracker Sensor Tower.