TikTok owner ByteDances revenue surged 111% in 2020, records 1.9 billion users
Summary
GUANGZHOU, China — ByteDance, the owner of TikTok, saw its revenue for 2020 more than double, a person familiar with the matter told CNBC. Revenue for last year totaled $34.3 billion, up 111% year-on-year, senior management at the company told employees in a company-wide meeting. ByteDance had 1.9 billion monthly active users by the end of 2020 across all of its platforms — which include its widely popular short video app TikTok, the Chinese version Douyin, and news aggregation app Toutiao, among others. The rapid growth underscores the excitement around ByteDance, a private company, and why its valuation has reportedly been pegged north of $100 billion. The company also hired former Xiaomi executive Shou Zi Chew to be its new chief financial officer earlier this year, signaling it could be gearing up for an initial public offering.