Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.
FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration
The figure represents growth of more than 130% compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private. ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd .
Tencent, China’s leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019.The growth shows the extent to which eight-year-old ByteDance is capturing digital advertising spend. The bulk of the company’s revenue is mainly from advertising on its apps in China including news aggregator Jinri Toutiao as well as Douyin, its domestic version of TikTok, the people said, rather than from TikTok itself.
Before ByteDance emerged, China’s ad market had been mainly dominated by e-commerce leader Alibaba Group Holding Ltd (
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