EXCLUSIVE TikTok owner ByteDance’s revenue growth slowed to 70% in 2021

Tik Tok logos are witnessed on smartphones in entrance of a displayed ByteDance brand in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File Picture

TikTok owner ByteDance saw its  earnings grow  70% calendar year on year to about $58 billion in 2021,  slower advancement than a 12 months earlier as China tightens its regulation of big tech companies.

According to two individuals common with the make a difference the figures were being exposed to a tiny group of workforce at an inner meeting of the social media large this 7 days .

In 2020, the Beijing-based mostly company’s full profits grew by more than 100% to $34.3 billion, Reuters has documented. ByteDance did not instantly reply to a request for comment.

Chinese tech businesses from Tencent to Alibaba have noted slowing development amid a sweeping crackdown by the country’s regulators, who have rolled out new rules for how they run and interact with their buyers. 

According to a modern report by market place research business Interactive Advertising Lab Zhongguancun, 

ByteDance held its next position in China’s on the web advertising industry past calendar year with a 21% market share.

The selection one particular place was however held by e-commerce giant Alibaba Team (9988.HK), and third put went to gaming large Tencent Holdings (0700.HK), in accordance to the report.

The in general growth of online ad income in China declined to 9.3% in 2021 from 13.8% a yr earlier, the report says.

Tech information web-site The Data final November claimed that ByteDance’s 2021 income was on track to increase about 60% to 400 billion yuan ($63.07 billion).

ByteDance is one particular of the world’s biggest private tech firms with current trades in the personal-equity secondary industry valuing it at about $300 billion, Reuters has reported.

Pursuing Beijing’s antitrust initiatives, ByteDance has not too long ago been downsizing its strong investment decision arm. read additional

In November, ByteDance reorganised itself into six small business models in its major organizational adjust due to the fact ByteDance founder Zhang Yiming said in Could he would phase down as CEO. 

Aside from TikTok, ByteDance’s other applications include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and movie-streaming platform Xigua.

In 2021, end users spent somewhere around $2.3 billion in TikTok and the iOS edition of Douyin, a 77% leap calendar year-over-12 months, according to application tracker Sensor Tower.