|Tik Tok graphics are seen on smartphones in advance of a displayed ByteDance emblem in this illustration taken Nov 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo|
TikTok owner ByteDance saw its revenue grow 70% every month to about $58 thousand in 2021, not as quick growth than a year beforehand as China tightens the product’s regulation of big tech conglomerates.
According to two people familiar with the challenge the numbers were showed a small group of employees within a internal meeting of the social giant this week.
In 2020, the Beijing-based company’s comprehensive revenue grew by done 100% to $34. three or billion, Reuters has testified to. ByteDance did not immediately are affected by a request for comment.
The language tech companies from Tencent to Alibaba have huge slowing growth amid an actual sweeping crackdown by the place’s regulators, who have rolled out replacement rules for how they execute and interact with their potential customers.
According to a recent survey by market research firm Electronic Marketing Lab Zhongguancun,
ByteDance held its point position in China’s promoting market last year with a 21% market share.
The number one position would still be held by e-commerce gigantic Alibaba Group (9988. HK), and third place popped out to gaming giant Tencent Corporation (0700. HK), according to the tell of.
The overall growth of online ad sales across China declined to 9. 3% in 2021 out of 13. 8% a year faster, the report says.
Tech news net page The Information last November revealed that ByteDance’s 2021 return was on track to rise going 60% to 400 thousand yuan ($63. 07 billion).
ByteDance has become the world’s biggest private technical companies with recent tradespeople in the private-equity secondary market valuing it at about three hundred billion, Reuters has seen.
Following Beijing’s antitrust efforts, ByteDance has been downsizing its reliable investment arm. read more
In November, ByteDance reorganised itself into seven business units in its biggest organizational change since ByteDance head honcho Zhang Yiming said in-may he would step down available as CEO.
Besides TikTok, ByteDance’s other apps add in its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.
In 2021, users spent approximately $2. 3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year, according to app tracker Messwertgeber Tower.