TikTok owner ByteDance saw revenue more than double in 2020 to 230 billion yuan, loss widened to 14.7 billion yuan

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ByteDance, the owner of TikTok, saw its revenue more than double in 2020, the company told employees at an internal meeting on Thursday, as the company’s valuation surges ahead of a highly anticipated yet delayed IPO.

Revenue for last year totaled 230 billion yuan, up 111 per cent from a year earlier, senior management at the company told employees in the meeting. Its monthly active users across all platforms including short video-sharing apps TikTok and Douyin, news aggregation app Toutiao, among others, reached 1.9 billion by the end of last year.

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