TikTok app maker ByteDance’s revenue grew by 30% in 2022, leaving Facebook and Amazon behind.
ByteDance Ltd, the Chinese company that made the Tiktok app, increased its revenue by 30% to cross $ 80 billion in the year 2022. Along with this, it has equaled its arch-rival company Tencent Holdings in terms of revenue. Chinese company ByteDance has two famous video platforms named Tiktok and Douyin.
This company is also considered the most valuable company in the world. In the year 2021, the annual revenue of this company was $ 60 billion.
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According to a Bloomberg report, the company’s revenue growth is more than that of social-media companies like Facebook and Amazon.
At the same time, it has also matched the revenue of Tencent, the company that owns WeChat, which recorded an income of 554.6 billion yuan ($80 billion) last year.
This jump in ByteDance’s income has come at a time when America is also threatening to ban Tiktok like India. Recently, many government agencies around the world had ordered their officials to remove the Tiktok app from their phones.
TikTok and its Chinese version of the app, Douyin, are both eating into the advertising revenue of other social media platforms, and advertisers are increasingly turning to their growing video services.
TikTok has more than 150 million users in America. Many people in America are raising concerns about China’s access to the data of these users. TikTok CEO Shou Chew attended a four-and-a-half-hour-long hearing in the US Parliament earlier this month. However, during this time he could not do anything special to pacify the critics.
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