ByteDance More Than Doubles Its 2020 Revenue

    • ByteDance isn’t showing any signs of slowing down.
    • The TikTok owner reported $34.3 billion in revenue for 2020.

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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. 

TikTok, the company’s bread and butter, has more than 100 million users in the U.S. and 700 million total monthly active users worldwide

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.