TikTok owner ByteDance to post 60 per cent revenue growth in 2021, media report says
- Growth in gross revenue is slower than last year when the figure more than doubled to about 250 billion yuan, according to a report by The Information
- ByteDance may not go public for another year or more given the recent regulatory crackdown on the domestic internet sector, the report said
TikTok owner ByteDance is expected to boost its 2021 gross revenue by 60 per cent to 400 billion yuan (US$63 billion), according to a report by The Information on Tuesday.
The growth in gross revenue – total sales before payouts to ad agencies are deducted – is slower than last year when the figure more than doubled to about 250 billion yuan, the report said.
Most of the sales came from its domestic apps Douyin, TikTok’s Chinese version, and news aggregator Jinri Toutiao, even though TikTok – the first international hit by a Chinese internet firm – announced it had 1 billion monthly active users in September.
The company did not immediately respond to a request for comment on revenue data and its profitability.
The internet industry in China has seen fast-paced expansion for many years before coming under intense regulatory scrutiny this year, from antitrust to data security.