FB Pixel no scriptKEY STAT | ByteDance first quarter revenues up 130% with annual target half of Tencent's 2019 earnings [Update] | KrASIA
Menu
KrASIA
Visual Stories

KEY STAT | ByteDance first quarter revenues up 130% with annual target half of Tencent’s 2019 earnings [Update]

Written by Julianna Wu Published on 

Share
TikTok’s owner set an annual revenue goal of RMB 200 billion, while more than 80% of its 2019 revenue was from online advertising.

TikTok’s parent company ByteDance generated RMB 40 billion (USD 5.64 billion) in revenue in the quarter past, representing a 130% year-on-year (YoY) increase, said Reuters citing two sources familiar with the business.

The company, valued at over USD 100 billion according to Bloomberg’s previous reporting, is said to have set a 2020 revenue goal of RMB 200 billion (USD 28 billion), half that of Tencent (HKG: 0700)’s 2019 total earnings. In 2019, ByteDance raked in USD 20 billion revenue, up 180% YoY, KrASIA reported.

In May, TikTok, with downloads from its Chinese version Douyin counted in, was again crowned as the most downloaded app worldwide (non-game) with more than 111.9 million installs, said Sensor Tower. The short-video duo brought in over USD 78 million in revenue during April, 86.6% of which came from Chinese users.

The popularity of the two apps, together with news aggregator Jinri Toutiao in China, have made ByteDance the second-largest digital advertising player in China, beating internet giants like Baidu (NASDAQ: BIDU), JD.com (NASDAQ: JD) and Tencent. Nearly 90% of the company’s revenue came from advertising, said research firm QuestMobile.

TikTok's parent company ByteDance is the second-largest digital advertiser in China

Earlier this week, ByteDance secured a USD 140 million plot of land in Tencent’s hometown of Shenzhen for its new regional headquarters.

Except for deploying its own team in the gaming market, the Beijing-based startup is also eyeing opportunities in sectors like online educationonline medical servicescloud computing, and in-vehicle infotainment.

Recently, ByteDance has also reportedly set up an e-commerce department, potentially in cooperation with Alibaba (NYSE: BABAHKEX: 9988), ahead of the national “618” online shopping festival in mid-June, per 36Kr.

SEE ALSO: ByteDance’s investments bring a data-driven approach to new sectors

Update: CST 14:46, August 25, 2020, updated the “million” in the subhead to “billion”, we apologize for the error. 

Share

You might like these

  • Visual Stories

    TECH PANO | 30-minute delivery, 300 years of plastic: The waste of e-commerce

    By 

    Julianna Wu

    12 Feb 2021    01:05 AM

KrASIA InsightsKrASIA Insights

  • Niki, an AI-enabled household manager for small town consumers, helps users order groceries as well as pay utility bills.

    Insights

    This voice assistant runs errands for semi-rural users in India | Tales from India’s Towns

    By Avanish Tiwary

    22 Feb 202101:05 AM

Most PopularMost Popular

See All