- TikTok owner ByteDance made a net profit of $3 billion last year
- TikTok app has already been downloaded over 2 billion times.
- ByteDance’s private valuation is reportedly around $110 billion
Bytedance CEO and founder poses for a photograph in Beijing, China.
Gilles Sabrie | Bloomberg | Getty Images
The fast-growing company more than doubled its revenue from $7.4 billion in 2018 to $17 billion in 2019, according to a news report, which states that it also has $6 billion sitting in the vault to burn.
Founded in 2012 by entrepreneur Zhang Yiming, ByteDance reportedly has a private valuation of between $105 billion and $110 billion, which gives it an MVP status compared to other start-up’s in the world.
An analyst familiar with the matter whistled to Bloomberg that it could be worth up to $180 billion in an initial public offering.
ByteDance has stayed mute over the figures.
TikTok’s strategy to a Tripple A startup is to influence crowd cultures with current trends. The app caught fire during the nationwide lockdown, influencers binged on its 15sec video clips to kill boredom.
The app allows people to share short clips of up to 15 seconds and its users are fans of doing lip syncs, dances and tricks, often to music.
Headquartered in Beijing, ByteDance has been backed by the likes of SoftBank and Silicon Valley venture capital firm Sequoia.
ByteDance also owns Duoyin, the Chinese version of TikTok, and Toutiao, a news service.
Earlier this month, TikTok announced that it had hired Disney’s head of streaming, Kevin Mayer, to be its new CEO.
TikTok’s contention with the Law.
Last November, the U.S. government launched a national security review of ByteDance’s acquisition of Musical.ly. The U.S. government frets the use of data and the breach of US security.
TikTok has warmed the heart of millennials and has its offices situated in Los Angeles, Mountain View, and New York. The company has also ventured into the European market and has an office in London UK.