So What is ByteDance?
ByteDance is a Chinese internet technology company that provides platforms for content creation of many different kinds. ByeDance is most well known for its ownership of the popular video-sharing app TikTok and massive Chinese news aggregator Toutiao.
In October 2018, ByteDance closed $3 billion of funding from Softbank, propelling it to a (then-record for a privately backed startup) $75 billion valuation. It remains one of the world’s most valuable unicorns.
ByteDance generated $7 billion of revenue during the first half of 2019, made a profit for the first time in June and expects to turn a profit during the entire second half of the year. For comparison, ByeDance generated $7 billion of revenue during all of 2018.
Their revenue is generated mostly in China, but globally, their apps have 1.5 billion monthly active users and 700 million daily active users.
The Chinese tech giant has ambitious plans for growth, as it has recently launched a search engine within its Toutiao news app in direct competition with Baidu (a Chinese search engine giant), and acquired Chinese-language Wikipedia-like website called Baike.com. Expanding outside of the Chinese market, ByteDance recently launched work efficiency app Lark and is planning to launch a paid music streaming service in the future.
As the world becomes more interconnected by the day, major Chinese tech companies are gaining access to new markets and spreading their investments across the world. ByteDance appears to be following a similar pattern.
Some data provided by Crunchbase
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