TikTok owner ByteDance becomes second-largest digital ad player in China behind only Alibaba
- ByteDance comes in second behind Alibaba but ahead of Baidu in China’s digital media spending market by revenue
TikTok’s owner ByteDance has overtaken Baidu to become China’s second-largest digital ad player, accounting for 23 per cent, or 50 billion yuan (US$7.1 billion) of all digital media spend in the country in the first half of 2019, leapfrogging Baidu and Tencent and behind only Alibaba.
The owner of the global short video hit app, which is facing pressure in the US over censorship concerns, achieved 113 per cent growth in ad revenue in the first half compared to the same period last year, according to the China Media Inflation Trend Report 2020 conducted by consultancy R3.
Alibaba Group Holding accounted for 33 per cent of all digital media revenue, worth 72.1 billion yuan, in the first half with Baidu in third place with 17 per cent, or 36.9 billion yuan of revenue. Tencent Holdings was fourth with 14 per cent.
Alibaba is the parent company of the South China Morning Post.
ByteDance’s TikTok has become one of the very few Chinese-owned apps to achieve success outside China. TikTok currently ranks second after American subscription video on-demand streaming service Disney+ in the entertainment category in the US iPhone app store, according to data provider Sensor Tower.