ByteDance revenues surge 111% to US$34.3 billion in 2020

2 min read | June 17, 2021 12:48 PM PDT | By Team Kalkine Media

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ByteDance revenues surge 111% to US$34.3 billion in 2020 — Image source: jijomathaidesigners,Shutterstock

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Summary

ByteDance, considered the world’s most valuable startups, is yet to announce its IPO plans. It was valued at US$180 billion during a funding round in December last year in which it raised US$5 billion.

ByteDance is a major rival to Facebook (FB) now in terms of subscriber base. The US social media giant had around 2.85 billion monthly users as of March 31, 2021.

New CEO Liang, a ByteDance co-founder, began his first day in office on Thursday.

Chinese internet giant and TikTok owner ByteDance’s revenues soared 111% to US$34.3 billion at the end of 2020, the company said on Thursday. ByteDance also logged 1.9 billion monthly users across its applications, people familiar with the matter quoted CEO Liang Rubo as saying Thursday.

The company registered a record number of users on its TikTok and Douyin short-video platforms during the coronavirus lockdowns as demand for online entertainment surged.

Douyin was the largest contributor to ByteDance’s overall 2020 revenue. Douyin has become extremely popular among Chinese users looking to buy products from live streaming presenters.

Douyin is a sister app to TikTok video.

Beijing-based ByteDance is now a major rival to Facebook (FB) in terms of subscriber base. The US social media giant had around 2.85 billion monthly users as of March 31, 2021.

ByteDance’s logged gross profit of US$19bn, operating loss of US$2bn, and a net loss of US$45bn in 2020. It had 110,000 staff members at the end of 2020, according to a report in the Financial Times.

Source; Pixabay.

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Most Valuable Startup

ByteDance’s main rival in China is Kuaishou. Kuaishou posted an annual net loss of US$15.4 billion. It had 481 million monthly users in 2020.

Kuaishou, which trades in Hong Kong, has a market cap of around US$103 billion.

ByteDance, considered the world’s most valuable startups, is yet to announce its IPO plans. It was valued at US$180 billion during a funding round in December last year in which it raised US$5 billion.

New CEO Liang, a ByteDance co-founder, began his first day in office on Thursday.

He took over Zhang Yiming, also a co-founder, who decided to step down last month to focus on innovation and other long-term initiatives.

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