Advertisement
TikTok owner ByteDance said to post slower revenue growth in 2021 amid China’s tech crackdown
- Privately held ByteDance was reported to have increased its revenue by 70 per cent to US$58 billion last year
- It marks a drop-off in performance for the world’s most valuable tech unicorn after posting a 111 per cent revenue growth to US$34.3 billion in 2020
Reading Time:2 minutes
Why you can trust SCMP
Tech unicorn ByteDance, owner of hit short video app TikTok and its Chinese sibling Douyin, recorded significantly slower revenue growth last year, as Beijing’s harsh regulatory measures set back the company’s business expansion plans, according to media reports.
The Beijing-based firm saw its 2021 revenue reach US$58 billion, up 70 per cent from a year earlier, according to a Reuters report, citing two sources. It marks a drop-off in performance for the world’s most valuable start-up after posting a 111 per cent year-on-year revenue growth to US$34.3 billion in 2020.
That followed a report in November by tech news outlet The Information, which said ByteDance’s 2021 gross revenue – total sales before payouts to advertising agencies are deducted – was expected to increase 60 per cent to 400 billion yuan (US$63 billion).
Advertisement
Privately held ByteDance, which does not publish its financial results, declined to comment on Friday.
06:02
Global expansion of TikTok and other Chinese tech companies is likely, only not in the West
Global expansion of TikTok and other Chinese tech companies is likely, only not in the West
Still, ByteDance’s reported financial performance appears formidable when compared to the recent results of its larger Chinese internet peers Alibaba Group Holding and Tencent Holdings.
Advertisement
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x