TikTok owner ByteDance's 2021 sales grow by 70%

20/1/2022 8:42:00 PM

TikTok owner ByteDance's 2021 sales grow by 70% - Reuters

TikTok owner ByteDance's 2021 sales grow by 70% - Reuters

BEIJING/HONG KONG (Jan 20): TikTok owner ByteDance saw its total revenue grow by 70% year on year to around US$58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies.The figures were disclosed to a small group of employees at an internal meeting of the social media giant this week, according to the people.In 2020, the Beijing-based company's total revenue grew by over

BEIJING/HONG KONG (Jan 20): TikTok owner ByteDance saw its total revenue grow by 70% year on year to around US$58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies.

The figures were disclosed to a small group of employees at an internal meeting of the social media giant this week, according to the people.In 2020, the Beijing-based company's total revenue grew by over 100% to US$34.3 billion, Reuters has reported.

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TikTok owner ByteDance reorganises strategic investment teamBEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with 'low synergies'.

TikTok owner ByteDance cutting investment team amid China crackdown — sourcesBEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.ByteDance had divided its external investment arm into financial and strategic wings, with the latter aimed at funding businesses that could find synergies with its own.Employees on the financial investments team have been told by ByteDance executives that the team will be disbanded and they

US antitrust bill expanded to include TikTok, Tencent’s WeChat(Jan 20): A technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies — a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms. The bill’s criteria for a covered platform will be expanded to include companies that have 1 billion worldwide monthly users or US$550 billion in net annual sales, in addition to the existing US$550 billion

US antitrust bill expanded to include TikTok, Tencent’s WeChatA technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies – a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms.

TikTok owner ByteDance reorganises strategic investment teamBEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with 'low synergies'.

A BEIJING/HONG KONG (Jan 20): TikTok owner ByteDance saw its total revenue grow by 70% year on year to around US$58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies.Five reasons Microsoft is making Activision Blizzard its biggest deal ever FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov.A BEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.A (Jan 20): A technology-focused antitrust bill set to be considered by a US Senate committee Thursday will be expanded to include China’s two largest social media companies — a change that seeks to address criticism that the legislation would give an advantage to foreign digital firms.

The figures were disclosed to a small group of employees at an internal meeting of the social media giant this week, according to the people. In 2020, the Beijing-based company's total revenue grew by over 100% to US$34. REUTERS/Dado Ruvic/Illustration BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with"low synergies".3 billion, Reuters has reported. ByteDance said in a statement that it was disbanding its group-level strategic investment team and moving employees to various business units, after a review earlier this month highlighted investments with"low synergies". ByteDance did not immediately respond to a request for comment. The overhaul is designed to"enhance collaborations between strategy research and business operations," the company said. Chinese tech companies from Tencent Holding to Alibaba Group have reported slowing growth amid a wide-ranging crackdown by the country's regulators who have rolled out new rules governing how they operate and interact with their users. It has captivated teenagers from the US to Southeast Asia, while Tencent’s WeChat is the go-to lifestyle, payments and social media platform for upwards of a billion people — mostly in China.

Tencent in the third quarter posted its slowest revenue growth since it went public in 2004. ByteDance's latest high-profile investment includes its $4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year. The overhaul of its strategic investment team is designed to"enhance collaborations between strategy research and business operations", the company said. ByteDance retained its second-ranked position in China’s online advertising market last year, with a market share of 21%, according to a recent report published by researcher Interactive Marketing Lab Zhongguancun. The number one position was still held by e-commerce giant Alibaba, and third place went to gaming giant Tencent, according to the report. (Reporting by Yingzhi Yang, Zhang Yan, Xie Yu, Cheng Leng, and Brenda Goh; Editing by Jacqueline Wong and Louise Heavens) Article type: metered. The overall growth of online ad sales in China declined to 9. ByteDance's latest high-profile investments included its US$4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year.3% in 2021 from 13. A similar version already passed the US House Judiciary Committee, but has yet to get a floor vote in the full House.

8% a year earlier, the report says. Tech news website The Information last November reported that ByteDance's 2021 revenue was on track to rise about 60% to 400 billion yuan (US$63. Subscribe to Mid-day email alert We deliver news to your inbox daily.07 billion). ByteDance is one of the world's biggest private tech companies with recent trades in the private-equity secondary market valuing it at about US$300 billion, Reuters has reported. Following Beijing's antitrust efforts, ByteDance has recently been downsizing its powerful investment arm.

In November, ByteDance reorganised itself into six business units in its biggest organizational change since ByteDance founder Zhang Yiming said in May he would step down as CEO. Besides TikTok, ByteDance's other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua. In 2021, users spent approximately US$2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Sensor Tower. Subscribe to Mid-day email alert We deliver news to your inbox daily .