|This picture taken on November 27, 2019 shows the Tick Talk logo on the smartphone in front of the ByteDance logo displayed. REUTERS / Dado Ruvic / Illustration / File photo|
ByteDance, the owner of TikTok, grew its revenue by 70% year-on-year to about $ 58 billion in 2021, a slower growth than a year ago as China tightened its regulation on major tech companies.
The numbers were announced to a small group of employees at an internal meeting of the social media giant this week, according to two people familiar with the matter.
In 2020, the Beijing-based company’s total revenue rose more than 100% to $ 34.3 billion, Reuters reports. ByteDance did not immediately respond to a request for comment.
Chinese tech companies from Tencent to Alibaba have reported slower growth amid heavy bangs from the country’s regulators, who have issued new rules on how they operate and how they interact with their users.
According to a recent report by market research firm Interactive Marketing Lab Zhongguancun,
Baitdance ranked second in China’s online advertising market last year with a market share of 21%.
According to the report, the number one position was still held by e-commerce giant Alibaba Group (9988.HK) and the third place was held by gaming giant Tencent Holdings (0700.HK).
Overall growth in online advertising sales in China slowed to 9.3% in 2021 from 13.8% a year earlier, the report said.
Tech news website The Information reported last November that BitDance’s revenue for 2021 is expected to grow by almost 60% to 400 billion yuan ($ 63.07 billion).
ByteDance is one of the world’s largest private tech companies, with recent deals in the private-equity secondary market worth about $ 300 billion, Reuters reports.
In the wake of Beijing’s no-confidence efforts, ByteDance has recently been downsizing its powerful investment arm. read more
In November, ByteDance reorganized itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming announced in May that he would step down as CEO.
In addition to TikTok, ByteDance’s other apps include its Chinese counterpart Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.
In 2021, users spent about $ 2.3 billion on iOS versions of TikTok and Douyin, a 77% year-over-year increase, according to App Tracker Sensor Tower.