ByteDance reaches record high revenue in 2020
In 2020, ByteDance has more than doubled the revenue from the previous year, reaching $37 billion USD, driven mainly by strong advertising sales.
Simultaneously, ByteDance also achieved an operating profit of over $7 billion USD in 2020, compared to that of under $4 billion USD in 2019.
ByteDance’s revenue continues to grow rapidly, its revenue was $928.5 million in 2016, $2.4 billion in 2017, and $7.7 billion in 2018 respectively. In fact, ByteDance has doubled its revenue in 2019, reaching $20–21.5 billion USD in one fell swoop.
At the beginning of 2021, ByteDance set a revenue growth rate of 30%-40% for 2020, aiming for the goal of over $2.7 billion USD. Since then, business adjustments related to ByteDance commercialization including the launch of search ads on TouTiao.com and Douyin; e-commerce internal closed loop through increased self-operation; and the educational new business endeavors such as high school AI and small classes.
These three correspond to the three most important current income channels of ByteDance: advertising, live broadcast e-commerce, and education.
According to the consulting firm R3, Bytedance has surpassed Baidu to become China’s second-largest digital advertising service provider during the first half of 2019, second only to Alibaba.
It is reported that the gap between ByteDance and Alibaba in the digital advertising market is ever narrowing.
In addition, it was reported that ByteDance is in negotiations with investors for a new round of financing, with a financing scale of $2 billion USD and a post-investment valuation of $180 billion USD.
Meanwhile, ByteDance plans to package Douyin, TouTiao.com, and Mature businesses such as Watermelon Video to go public on the HKEx.
