Tencent reported Ebitda of 164 billion yuan ($23.9 billion) for 2022 in its preliminary earnings statement, while Alibabas figure for the same period is about $22.7 billion, according to Bloomberg-compiled data. Analysis and advice on how technology is disrupting fashion and creating new opportunities. ByteDance had other reasons for delaying the listing, including the fact that it didn't have a chief financial officer at the time, the Journal reported. ByteDance was considering an IPO of all or some of its businesses in the U.S. or Hong Kong, the Wall Street Journal reported on Monday. Learn more about how Statista can support your business. Marketplace | News & Insights | Data | Events, HBO Max Revenue and Usage Statistics (2023), YouTube Revenue and Usage Statistics (2023), Disney Plus Revenue and Usage Statistics (2023), Netflix Revenue and Usage Statistics (2023), Video Streaming App Revenue and Usage Statistics (2023), Twitch Revenue and Usage Statistics (2023), September 2016 (China); September 2017 (International), Liang Rubo (ByteDance CEO), Shouzi Chew (TikTok CEO), Vanessa Pappas (TikTok COO), TikTok Revenue and Usage Statistics (2023), TikTok generated an estimated $4.6 billion revenue in 2021, a 142% increase year-on-year, TikTok had 1.2 billion monthly active users in Q4 2021 and is expected to reach 1.8 billion by the end of 2022, In China, TikTok is accessed by over 600 million users daily, TikTok has been downloaded over three billion times. ByteDance said its total revenue grew 111% from a year ago, while gross profit rose 93% to $19 billion, according to excerpts of a company memo viewed by The Wall Street Journal. TikTok was the most downloaded app in 2020 and 2021 and peaked at 318 million downloads in Q1 2020, a record for quarterly downloads outside of China. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Read the original article on Business Insider, TikTok's marketplace being rolled out in the US. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. ", On Saturday, Trump gave his blessing to a deal that would see Oracle and Walmart take a minority stake in a U.S.-headquartered company called TikTok Global. ByteDance's valuation in March 2020 was $105,000 - $140,000M. ByteDance can afford to be patient with the lossmaking Western app thanks to its lucrative Chinese version, Douyin. They Refused to Fight for Russia. The Presidents August 14 Order requires ByteDance and TikTok Inc. to undertake specific divestments and other measures to address the national security risk arising from ByteDances acquisition of Musical.ly. To use individual functions (e.g., mark statistics as favourites, set Related Topics Partnerships Industry Research Technology Which industries has this organization had the most exits in? TikToks spiralling use around the globe brought in about $15bn in revenues for Beijing-based parent company ByteDance last year. For more on ByteDance's shelved IPO plans, you can read the full story from the Journal here. Now that TikTok users are beginning to catch on, Mo's team has moved to selling legitimate goods on TikTok's marketplace being rolled out in the US. The Chinese technology firm added that the tax will need to be determined according to how TikTok Global develops, noting that the $5 billion figure has "nothing to do" with deal with Oracle and Walmart., Oracle will also get to inspect the source code for TikTok, but ByteDance said it will not be transferring algorithms or technology to the U.S. firm., Washington claims that TikTok represents a national security threat because it collects U.S. user data which can be accessed by Beijing. You may change your billing preferences at any time in the Customer Center or call Financials. "We see a higher mountain peak ahead, a bigger opportunity, so we're not only going to be making money selling goods, we're turning into a company with sustainable operations, logistics and a team of influencers," Mo said. Are you interested in testing our business solutions? Events & Presentations. Chart. ByteDances Profit Surges 79%, Exceeding Alibaba and Tencent Tencent reported Ebitda of 164 billion yuan ($23.9 billion) for 2022 in its preliminary earnings statement, while Alibabas figure for the same period is about $22.7 billion, according to Bloomberg-compiled data. ByteDance Ltd.s profit last year soared to a record, surpassing that of China technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. for the first time. As 2023 gets underway, the pressure on fashions new favourite app is only set to increase. Trump said that TikTok would be shut down in the U.S. will not be transferring algorithms or technology to the U.S. firm. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. You only have access to basic statistics. Please create an employee account to be able to mark statistics as favorites. The net loss for the financial year ending December 2020 was $45 billion, and it was a organisation Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2023 CNBC LLC. Missed the A.I. rally? Use Ask Statista Research Service, Market value of the largest internet companies worldwide 2023, Highest valued unicorn companies worldwide 2022, Most-followed idols on Douyin in China 2022, Ranking of the 22 richest people in China as of 2022. What is ByteDances valuation? journalists in 50+ countries covering politics, business, innovation, trends and more. The leadership team of Shou and Vanessa sets the stage for sustained growth, ByteDance CEO Yiming Zhang said in a statement. Financial Matters. The privately held company on Thursday shared highlights of its 2020 financial performance with its employees. On Thursday, ByteDance shared its financial report for the year 2019 to 2020 with the employees, saying that the companys revenue grew by 111% in one year. As per the companys memo, seen by Wall Street Journal, the gross profit for the year was $19 billion, 93% growth compared to the previous years results. ByteDance and Its Growing Revenue The news comes after Chinese regulators launched a cybersecurity review into Didi, which listed on the New York Stock Exchange last month. Its new digital tool makes it easier for clients to customise products in any combination of colours and fabrics they like, as long as they dont try to mix a pink jacket with yellow pants. U.S. Secretary of State Mike Pompeo said the entity will be "controlled by Americans" in an interview with Fox News' "Sunday Morning Futures." The still-robust growth at the worlds most valuable private tech firm could boost confidence among investors shaken by recent global events. The Law Did Not Treat Them Kindly. Published on 18 Apr 2022 ByteDance visited SCRIPTS. statistic alerts) please log in with your personal account. Meanwhile, it told the FT that it takes down content that violates its guidelines. Lixiang, formerly known as Chehejia, is a car company that specializes in developing electric vehicles. But Just in Case, JPMorgan, PNC Submit Bids to Buy First Republic in Government-Led Sale, Priced Out of Florida, More Retirees Are Trying This Sunbelt State on For Size, Opinion: The Blue State Exodus Accelerates, Opinion: Justice Samuel Alito: This Made Us Targets of Assassination, Opinion: Biden vs. Trump in 2024? "So it'll close down on Sept. 15 unless Microsoft or somebody else is able to buy it and work out a deal, an appropriate deal, so that the Treasury of the United States gets a lot of money," Trump said at that time.. Show publisher information In 2021, Beijing-based ByteDance reported a nearly 80 percent year-over-year increase in revenues to 61.7 billion U.S. dollars. He added ByteDance would just be a "passive shareholder. ByteDance hired Shou Zi Chew, a former executive at Chinese smartphone maker Xiaomi, as its CFO in March, fueling speculation about a potential IPO. No access to the company, no decision-making authority, to ability to peer into what they're doing; just a passive shareholder," Pompeo said, according to an official transcript., Trump has also previously said the U.S. Treasury should get a cut of any deal involving TikTok. She added that she regularly flags videos on weight loss coffee and male enhancement on TikTok, though the platform ultimately often tells her the videos aren't in violation of its policies, she said. I didn't have any access to the company's information. The news comes after Chinese regulators launched a cybersecurity review into homegrown ride-hailing service Didi, which listed on the New York Stock Exchange last month. The sneaker giant is launching its first big collection of digital goods under its own name after signing up more than 330,000 members to its new web3 platform, .Swoosh. "It'll be a brand new company. ByteDance Ltd.s profit last year soared to a record, surpassing that of China technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. for the first time, the Financial Times reported. As part of the deal, Oracle, Walmart and ByteDance agreed to list TikTok Global on an American stock exchange within 12 months., TikTok faced being shut down on Sunday but that decision has now been delayed for a week, according to the Department of Commerce.. These accounts are benefiting from TikTok's lax content moderation policies and algorithms, FT says. Then you can access your favorite statistics via the star in the header. ByteDance has raised a total of $9.5B in funding over 12 rounds. Zhangyue Technology is a China-based developer of the iReader e-book reader. We have collected data and statistics on TikTok. You can still enjoy your subscription until the end of your current billing period. The US is banning the app from federal government devices and numerous states have taken similar measures. SCRIPTS recently welcomed ByteDance, on 18 April 2022, for a hybrid meeting session with their teams from Singapore, APAC and US, exploring possible collaboration in Privacy-preserving Technologies, as well as a tour of NTU SCRIPTS Centre. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The current status of the Department of Commerces implementation of the August 6 Order can be found here. Amcare Women's and Children's Hospital acquired by ByteDance, Wuhan Hezhong Yibao Technology acquired by ByteDance, Total amount raised across all funding rounds, Total number of lead investment firms and individual investors, Announced Date: Date that the Funding Round was publicly announced, Transaction Name: Auto-generated name of transaction (e.g. Note: Values are monthly active users in Q2 of the respective year. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. WebIn 2015, Chew joined smartphone giant Xiaomi as its chief financial officer. Get the full list TikTok has high amounts of usage in all regions and has over 300 million users in Asia-Pacific region, which does not include China and India. All Rights Reserved. Check out our Social App Report, TikTok is used by 18% of global internet users aged 16 to 64 (GlobalWebIndex), Outside of China, TikToks largest markets are the US, Indonesia and Brazil, TikTok had 190 million users in India, making it the apps second largest market behind China, TikTok reached 3 billion downloads in June 2021. Please do not hesitate to contact me. Currently, you are using a shared account. Oracle would become the secure cloud provider and host American users' data in the country.. Last year the tech group as a whole made a Before ByteDance's Chinese statement on Monday, CNBC reported the company would retain an 80% stake in TikTok Global. ByteDance also allowed the Chinese government to take a special management stake in one of its Chinese subsidiaries in late 2019, Reuters reported in 2021. By signing up you agree to our privacy policy. Even with the slowdown in downloads due to Indias ban and both Facebook and Snapchat launching clones of TikTok, the app remains one of the fastest growing in the world. We support credit card, debit card and PayPal payments. In March 2021, Chew joined ByteDance as its chief financial officer. TikTok, known as Douyin in its home market, was launched in China in September 2016. TikTok owner ByteDance saw its total revenue grow by 70 percent year-on-year to around $58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies. Note: Individual country demographics are available in the TikTok Report. We use ByteDance posts record profit despite TikTok losses Booming 2022 helps it overtake Chinas long-reigning tech giants Tencent and Alibaba for first time March 29 In 2019, he became Xiaomi's foreign business president. ByteDance also allowed the Chinese government to take a special management stake in one of its Chinese subsidiaries in late 2019, Reuters reported in Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Zhang Yiming, the founder and CEO of ByteDance, incorporated a similar AI-platform into TikTok, which is able to identify a users interests and feed them more relevant videos. While many Chinese apps have failed to succeed outside of China, most notably Tencents WeChat, TikTok managed to push itself into the overseas market through the acquisition of Musical.ly in November 2017 for $1 billion. Data is a real-time snapshot *Data is delayed at least 15 minutes. 2022 The Business of Fashion. [Online]. However, TikTok is not being acquired and will have the majority stake. The Premium Bytedance Company Report contains critical information including: Revenue from previous years (2010 to present) Growth rate Estimated ByteDance said its total revenue grew 111% from a year ago, while gross profit rose 93% to $19 billion, according to excerpts of a company memo viewed by The Wall Street Journal. Check if your Student Life Show me more results. You can opt out anytime. ByteDance will have a majority 80% stake in the new U.S.-based TikTok company. Portfolio Management Commentary TikTok is used by more women than men, but that gap is closing as it loses its stigma for being an app for teenagers and dancing. Statement by Secretary Steven T. Mnuchin on the Presidents Decision Regarding the Acquisition by ByteDance Ltd. of the U.S. Business of musical.ly August 14, 2020 WASHINGTON As chair of the Committee on Foreign Investment in the United States (CFIUS), U.S. Treasury Secretary Steven T. Mnuchin today issued the following Sign In. It quickly started to gain traction in China and parent company ByteDance launched an international version the following year. In March 2021, Chew joined ByteDance as its chief financial officer. Student Exchange. One of the videos promoting regular coffee as "enzyme" weight loss coffee at $124 for a "3-treatment plan" went viral and drew in a slew of orders, the FT said. HSBC names 4 Chinese stocks set to benefit from the trend, Goldman thinks the trade right now is on China's economy and gives 2 U.S. stocks to play it, This France ETF is booming despite domestic turmoil. Gain a global perspective on the US and go beyond with curated news and analysis from 600 For Daniel Alegre, the former Activision Blizzard Inc. executive who joined Yuga as chief executive officer last month, NFTs still have a bright future by serving as a room key to a world of gaming, events and e-commerce. personalising content and ads, providing social media features and to In a statement to the FT, TikTok said it "has strict policies to protect users from fake, fraudulent, or misleading content," including advertisements. Key financial figures of ByteDance in 1st quarter of 2022 (in billion U.S. dollars) [Graph]. India banned the app again in June 2020, along with a spate of other Chinese-based apps, as tensions between China and India heightened. Standard Digital includes access to a wealth of global news, analysis and expert opinion. October 7, 2022. Earnings before interest, tax, depreciation and amortisation, or Ebitda, jumped 79 percent to about $25 billion in 2022, the report said, citing two investors briefed on the numbers. Just Dont Call Them NFTs. The FT's investigation found multiple accounts selling products that appeared to violate the guidelines of TikTok's parent company, ByteDance, including those promoting weight loss teas and coffees, acne medications, and skin whitening products. In 2021, it generated $4.6 billion, a 142% increase year-on-year. Nike Has a Plan to Take Digital Goods Mainstream. WebByteDance's latest funding round was a Secondary Market for $100M on March 14, 2023. However, President Trumps executive order has been canned by the Biden Administration. Which industries has this organization most actively invested in? TikTok, meanwhile, told the FT that it "has strict policies to protect users from fake, fraudulent, or misleading content," including advertisements. ByteDance was considering an IPO of all or some of its businesses in the U.S. or Hong Kong, the Wall Street Journal reported on Monday. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information India upheld the ban in January 2021, which has led to several other TikTok-clones taking over market share in the country. Get full access to all features within our Business Solutions. Already a subscriber? If you are an admin, please authenticate by logging in again. This extensionwill provide the partiesand the Committeeadditionaltimeto resolve this case in a mannerthat complies with the Order. TikToks China-based parent company ByteDance said on Thursday that a small group of employees inappropriately obtained personal data of US TikTok users and are no longer employed at ByteDance. ByteDance's majority ownership appears to refute a claim made by President Donald Trump that the deal "will have nothing to do with China. ". Agenda-setting intelligence, analysis and advice for the global fashion community. Oracle and Walmart said in a joint statement on Saturday that the global TikTok business will pay over $5 billion in new taxes to the U.S. Treasury Department., ByteDance clarified on Monday, however, that this is just a "forecast" of corporate taxes and other taxes that TikTok Global will need to pay for business development over the next few years. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower, GUANGZHOU, China Beijing-based ByteDance said it would own a majority stake in the new TikTok Global in the U.S., appearing to contradictPresident Donald Trump's claims the deal has "nothing to do with China. Bloomberg reported last week that ByteDances revenue surged more than 30 percent to surpass $80 billion in 2022, matching the tally at archrival Tencent, after twin video platforms TikTok and Douyin drew eyeballs and advertisers from social media incumbents. Statista. In 2019, he became Xiaomi's foreign business president. 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For more information read our Terms & Conditions. About Snap. Thank the Chinese consumer. ByteDance can afford to be patient with the lossmaking Western app thanks to its lucrative Chinese version, Douyin. Sign up for free newsletters and get more CNBC delivered to your inbox. Simply log into Settings & Account and select "Cancel" on the right-hand side. Statement on ByteDance and TikTok by Treasury Spokesperson Monica Crowley November 13, 2020 The Presidents August 14 Order requires ByteDance and and other data for a number of reasons, such as keeping FT Sites reliable and secure, It didn't immediately respond to Insider's request for comment. Some of Mo's company's videos rely on clips of Dr. Dana Brems, a podiatrist and social media influencer based in Los Angeles, to lend credibility to their claims, the FT reported. Apart from its flagship short video Source: TikTok Report. In a post on Douyin in October, Mo gloated, "we were the first ones to use doctors, people are calling us the Doctor Group now, it's hilarious," and showed how his team pieced video clips together in their offices and posted them under TikTok handles such as @dr.kara0, dr_merlin and doctor_mccree, among dozens others, the FT said. The figures were disclosed to a small group of It is expected to surpass 1 billion monthly active users by the end of 2021. In January, Mo posted a video to Douyin, ByteDance's short-form video app in China, where he said, "I do TikTok to rip people off," the FT reported, adding that Mo's main account was removed after the publication flagged it and requested a comment from ByteDance. ByteDance financials. The FT's report mentioned a seller named Mo Huabin whose company posts videos of products that appear to violate ByteDance's guidelines. SINGAPOREByteDance Ltd., the owner of popular short-video app TikTok, told employees that its revenue last year more than doubled to $34.3 billion, underscoring why the Chinese technology giant is one of the worlds hottest startups. The Presidents August 6 Order is separate from his August 14 Order and addresses risks to U.S. national security by prohibiting specified transactions with ByteDance or its subsidiaries pursuant to the Presidents authority under the International Emergency Economic Powers Act. The FT said in its report that it had flagged 25 products in TikTok's UK marketplace; TikTok said those products have since been removed. Customer Service. We want to hear from you. Read on below to find out more. How many investments has this organization made over time? A Division of NBCUniversal. TikTok Owner ByteDance Revenues Surge 111% to $34.3 Billion USD in 2020: Gross profits increased by 93%. TikTok also faced having to sell its operations in the US to a holding company, which would have been controlled by Walmart and Oracle. But in a Chinese-language statement on Monday, ByteDance, the Beijing-based parent company of TikTok, insisted it was not losing control of the social media app., The company said it plans to carry out a small round of pre-IPO (initial public offering) financing that will give ByteDance an 80% stake in TikTok Global. All Rights Reserved. TikTok owner ByteDance made a net profit of $3 billion last year, according to a report from Bloomberg on Wednesday that cited people familiar with the matter. 2023 CNBC LLC. ByteDances profit last year came despite mounting losses at fast-growing TikTok, according to the Financial Times. Got a confidential news tip? Consistent with the Order, the Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a 15-day extension of the original November 12, 2020 deadline.