ByteDance – the parent company of our fav viral video app TikTok – made a net profit of $3 billion last year. That sounds like a lot because…it is.
- The company more than doubled its revenue from $7.4 billion in 2018 to $17 billion in 2019.
ByteDance was founded in 2012 by entrepreneur Zhang Yiming.
It reportedly has a private valuation of between $105 billion and $110 billion, making it the most valuable start-up in the world.
ByteDance owes much of its success to TikTok. The onset of the coronavirus pandemic has driven even more people to the app, which now has more than 2 billion users dancing, lip-syncing, and forcing their dogs to jump over toilet paper.
In the first quarter of 2020, TikTok got 315 million new installs, the most downloads any app has ever gotten in a single quarter.
And they’re only getting started. ByteDance is also quietly expanding into music streaming, e-commerce, and gaming.
We’re keeping an eye on this one.