Bytedance Rumored to Hit $20 Billion Revenue Goal for 2019

ByteDance
Source: Bytedance

Chinese media outlet Jiemian reports that ByteDance achieved its performance goals in 2019, with annual revenue exceeding 140 billion yuan ($20 billion). If true, this would mark an increase in revenue of nearly 280% over the previous year. Bytedance responded to the report by saying the information was untrue, without elaborating.

ByteDance’s operating revenue has shown exponential growth in the past years, from 6 billion yuan in 2016 to 16 billion yuan in 2017, and to 50 billion yuan in 2018. This marks a growth rate of over 200% each year. In 2019, Bytedance has maintained steady growth. In November 2019, the average daily revenue of Bytedance surpassed 400 million. Due to good performance in the first half, the company also raised its annual goal midway through the year.

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In addition, in 2019, based on digital advertising, ByteDance continued to explore business opportunities in live broadcast, searching, online payment for knowledge, e-commerce, and game intermodal services to expand its revenue sources. Furthermore, the company started its commercialization of overseas products ever since the beginning of 2019.