Owner Of TikTok Records $7 Billion Revenue For First Half Of Year
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Owner Of TikTok Records $7 Billion Revenue For First Half Of Year

tiktok revenue
Pritish raj
Written by Pritish raj
[email protected] | Noida | Published on: October-08-2019 03:06 PM
  • China’s ByteDance, the owner of video-sharing app TikTok and one of the most popular unicorns in the world, reported revenue of 50-60 billion yuan ($7 billion to $8.4 billion) in a better-than-expected result for the first quarter, said Reuters.
  • Last year’s earnings figures were not available immediately. ByteDance’s income for the entire 2018 was $7.2 billion, according to the digital tech news site The News.

China’s ByteDance, the owner of video-sharing app TikTok and one of the most popular unicorns in the world, reported revenue of 50-60 billion yuan ($7 billion to $8.4 billion) in a better-than-expected result for the first quarter, said Reuters.

ByteDance, who was loss-making in the first half, also posted a profit in June and was optimistic that gain would be made in the second half of the year, one of the people said.

Robust growth has resulted in the Beijing-based company revising its 2019 revenue target to 120 billion yuan from an earlier goal of 100 billion yuan late last year, a second person said.

Last year’s earnings figures were not available immediately. ByteDance’s income for the entire 2018 was $7.2 billion, according to the digital tech news site The News.

Chinese news aggregator Jinri Toutiao, meaning “Today’s Headlines,” as well as a domestic edition of TikTok, branded as Douyin, is also owned by the seven-year-old company, which separate sources said was valued at $78 billion late last year.

Most of the company’s revenue is garnered in China, while Douyin is earning advertising revenues, TikTok is still early in making money.

Analysts have named ByteDance a potential challenge to other companies in the Chinese tech industry, including social media and gaming company Tencent and search engine leader Baidu. Together, the devices from ByteDance have 1.5 billion active monthly users and 700 million active daily users, the company said in July.

A search engine that sits within Toutiao was released last month, placing it in direct competition with Baidu.

It also acquired a Wikipedia-like Chinese-language website called Baike.com to improve content further.

In order to expand outside of China, ByteDance has recently launched Lark’s job performance software and plans to launch a paid music streaming service.

The aggressive push into new areas has helped to raise global headcount to about 50,000 at the moment, compared with 40,000 last year.

Recently, TikTok is emerging as a very important tool for marketing and brands are using it very extensively. Flipkart recorded over three billion views in three days on the popular short-video app TikTok for a campaign on its upcoming Big Billion Days Festive Sale. This comes as the first instance where one of the e-commerce giants using the ByteDance-owned app to push their campaign with TikTok having such a huge user base.

About the author

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career.
Highly enthusiastic about brands and startups, he aims to be a travel content creator.

9113327413 | A-73, Hackerspace, Noida sector- 2 Noida UP 201301

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