Categories: MarketingSocialMedia

TikTok Owner ByteDance Sees Revenues Soar 30 Pct

TikTok owner ByteDance saw its revenues rise more than 30 percent from about $60 billion (£49bn) in 2021 to more than $80bn in 2022, according to reports.

While the figures reported by The Information and Bloomberg represents a slowdown from the previous year’s 80 percent growth from 2020 to 2021, they remains significant at a time that comparable social media companies are seeing slower revenue growth or a decline in income.

The figure would put ByteDance on par with Chinese tech giant Tencent, operator of the WeChat all-in-one chat app, which made 554.6bn yuan ($80bn) last year.

The Information cited unnamed sources, while Bloomberg said the figures were relayed to ByteDance investors in a recent memo.

TikTok chief executive Shou Zi Chew. Image credit: TikTok

Ad growth

The Information said most of ByteDance’s revenue growth came from its core advertising business in mainland China, where it operates Douyin, a TikTok equivalent that has expanded to include features ranging from built-in purchases to online meal and grocery delivery.

The feature expansion follows in the footsteps of WeChat, which includes widely used messaging and payment features, among others.

Outside of China TikTok is also seeing quick growth, with 150 million users in the US.

But the company faces growing hostility in Western countries over concerns about the data it collects on users.

Data security

TikTok chief executive Chew Shou Zi last month testified before a hostile US Congress panel, as the US government works on a bill that could lead to an outright ban on the app.

Meanwhile US federal government employees have been banned from having TikTok installed on government-issued phones, a move followed by the UK and the European Commission.

Matthew Broersma

Matt Broersma is a long standing tech freelance, who has worked for Ziff-Davis, ZDnet and other leading publications

Recent Posts

AT&T Admits Data Breach Impacted “Nearly All” Customers

American telecommunications giant AT&T admits that “nearly all” customer accounts were compromised in 2022 breach

2 days ago

Elon Musk’s X Breached DSA Rules, EU Finds

X's Blue checks 'used to mean trustworthy sources of information. Now our preliminary view is…

2 days ago

Japan’s SoftBank Acquires AI Chip Start-up Graphcore

SoftBank Group has purchased another British chip firm, with the acquisition of Bristol-based Graphcore Ltd…

2 days ago

Samsung AI-Upgraded Bixby Voice Assistant Coming This Year

Samsung reportedly confirms it will launch the upgraded voice assistant Bixby this year, that will…

3 days ago

Next Neuralink Brain Implant Coming Soon, Says Musk

Despite an issue with first Neuralink implant in a patient, Elon Musk says second brain…

3 days ago

EU Accepts Apple’s Legal Commitments To Open NFC Access

Legal commitment over Apple's NFC-based mobile payments system, which is to be opened to rival…

3 days ago