ByteDance has more than doubled its income in 2020
TickTock-owned company ByteDance has more than doubled its revenue in 2020 compared to the previous year. Besides, the profit has increased by 93 percent. This information was given by CNBC quoting reliable sources.
At a recent meeting of the company, the employees were informed about the income and expenditure. The revenue earned last year by ByteDance was 34.3 billion dollars, which was up 111 percent from the previous year. In addition, the amount of profit increased by 93 percent last year, that is 19 billion dollars.
By the end of 2020, the number of active subscribers on all platforms of the company stood at 190 crores. These platforms include the most popular short video app- TikTok, Duyin- the Chinese version of TikTok, and the news app Totia.
This success of BiteDance has come mainly through TikTok. Advertising is the main source of income for the company's various platforms. However, the company is focusing on different sectors including gaming. ByteDance has even taken to the field to compete with Tencent and other Chinese technology giants.
DBTech / BMT
Tags: Tick tockByteDance
