ByteDance isn’t showing any signs of slowing down — it’s actually gaining steam.
The owner of TikTok and Chinese counterpart Douyin reported $34.3 billion in revenue for 2020, a 111% increase year-over-year. Gross profit reached $19 billion, a 93% uptick, according to CNBC.
The China-based private company reportedly has a valuation of more than $100 billion.
ByteDance is continuing its takeover, with 1.9 billion monthly users across its platforms at the end of 2020.
Outside of social media apps, ByteDance is establishing a footprint in the gaming industry.
- Unveiled Danjuan Games in October. The gaming platform specializes in casual games such as puzzle titles.
- Launched Pixmain in November, the company’s flagship publishing arm.
- Acquired mobile game developer and publisher Moonton Technology in March in a deal valued at $4 billion, per Reuters.
However, investing in new businesses has come at a cost.
ByteDance reported an operating loss of $2.1 billion compared to $684 million a year prior.