Dream business results of any startup: Parent company TikTok is worth 3 billion USD / year, holding 6 billion USD in cash, valued at up to 110 billion USD

Tram Ho

A source close to Bloomberg said ByteDance, the parent company of the short video sharing app TikTok, recorded a record high net profit of more than $ 3 billion last year.

The company also saw its revenue more than double to over $ 17 billion from $ 7.4 billion in 2018. This jump was due to a significant increase in user growth and a massive influx of users. Ads from Tencent and Baidu.

Tech in Asia has contacted ByteDance to clarify the above information, but the company declined to comment. Because it is still an unlisted company, the business data of this startup remain confidential.

In addition to TikTok and the Chinese version of Douyin, ByteDance also operates other applications including the newspaper reading portal Toutiao and business messaging app Feishu. Altogether, ByteDance has attracted about 1.5 billion monthly active users for all its applications.

Kết quả kinh doanh trong mơ của bất kỳ startup nào: Công ty mẹ TikTok lãi 3 tỷ USD/năm, nắm trong tay 6 tỷ USD tiền mặt, được định giá lên tới 110 tỷ USD - Ảnh 1.

Many sources say the company currently holds over $ 6 billion in cash. ByteDance was recently valued at $ 105-110 billion in the secondary market (the stock exchange market was issued in the primary market) but Bloomberg analysts estimate the company could reach Market value from 150 to 180 billion when IPO.

Last year, ByteDance announced it had successfully recruited Kevin Mayer, who led Disney’s Disney + service and appointed him to the position of CEO of the company and CEO of TikTok. Mayer will also be in charge of the company’s music, gaming and other new businesses.

ByteDance also announced plans to recruit an additional 10,000 employees to increase the size of its staff to 100,000 this year amid the ongoing Covid-19 epidemic. They will seek to recruit high-level research and programming positions to support existing businesses as well as expand into other areas such as games and e-commerce.

As of November last year, the company has more than 60,000 employees and serves over 150 markets. They have offices in 126 cities around the globe, including Shanghai, New York, London, Paris, Mubai, Singapore, Jakarta, Seoul, Tokyo …

Founded by a 35-year-old young man by the name of Zhang Yiming, Bytedance started as a developer of applications to share short jokes before creating the Toutiao service. They have spent years building user base and improving interactive systems.

The company then began participating in the expansion of Tik Tok and several other platforms that had everything from rumors to sidelines of celebrities.

TikTok alone now becomes “the chicken laying golden eggs” for ByteDance. This short-form video app, along with Douyin (TikTok Chinese version) recently recorded more than $ 78 million in user spending in April. This amount helps TikTok to surpass YouTube and become an app. The highest earning non-game app in the world.

The simple-to-use TikTok video sharing application allows users to view and create short videos with music, stickers and animations as special effects. It has always been among the most downloaded applications worldwide since ByteDance launched in 2016.

According to Techinasia

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Source : Genk