2023-12-24 11:59:00
In 2023, the sales of ByteDance Limited, which owns the TikTok platform, rose to more than $110 billion, making it superior to its competitor, Tencent Holdings Limited. Indicating that TikTok’s emerging e-commerce business is leading growth at a time of economic hardship.
The growth of the world’s most valuable startup is largely consistent with the 30% growth pace it achieved in 2022, when it announced sales exceeding $80 billion.
The growth of ByteDance, which also owns the Douyin platform, came despite the economic turmoil in China and increased scrutiny and restrictions in major markets such as the United States and India.
This year, ByteDance strengthened its position as one of the Internet pioneers in China, alongside Tencent and Alibaba Holding Group, taking advantage of the popularity of its social video services to expand into e-commerce and other areas.
By about 30%, ByteDance will exceed the expected growth of the field’s most established social media competitors, Meta Platforms and Tencent, which are expected to generate $86 billion in revenue this year.
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