TikTok Owner ByteDance Earned Around $5.6 Billion in Q1 2020: Report

It’s no secret that TikTok is huge. For better or worse, the app has even sprouted a bunch of clones includingMitron, andZynn. However, TikTok is not slowing down. In fact, according to a new report, ByteDance’s revenue for the first quarter is around $5.6 billion. The number is quoted by two people familiar with the matter, and isn’t an official statement from the company. However, it’s a massive number, and represents a solid growth for the company.

In fact, if this number is true, itrepresents a 130% increase, year over year, for ByteDance. The two people who spoke with Reuters, said that the company is targeting 200 billion yuan in revenue for 2020.ByteDance is reportedly hoping to reach revenue figures half that of Tencent Holdings. For the unaware, Tencent reported 377 billion yuan in revenue in 2019, so the 200 billion yuan target seems right for ByteDance.

It is noteworthy that TikTok isn’t the only revenue stream for ByteDance. In fact, it may not even be the biggest one.ByteDance’s main source of revenue is from advertisements on its apps. These include news aggregator Jinri Toutiao, and Douyin— the domestic version of TikTok.

ByteDance is enjoying huge growth in light of the Coronavirus pandemic that has forced people to stay inside. The company was recentlyreportedly valued at $95 billion to $140 billionfor private trading. It’s also focusing on monetising TikTok, and hashired ex-Disney streaming head, Kevin Mayer to oversee TikTok.

Akshay Gangwar

Greetings, tech titans and fellow literary time-travelers! I’m Akshay, your tech-whisperer and Harry Potter’s number one stalker – seriously, don’t ask me how many times I’ve read those books; it’s borderline unhealthy.

Working in the tech journalism industry since 2016, I have 7 years of experience covering everything from technology news, to well-researched resource articles. Now the Content Strategist at Beebom, I often pen down op-eds for our website, sharing expert commentary on the latest in technology, AI, and electric cars.

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