TikTok Owner ByteDance’s Revenue Growth Reportedly Slows as China Tightens Regulations on Big Tech

2020 saw an increase of more than 100%.

Tech 
2,735 Hypes 0 Comments

With China tightening regulations on big tech companies in the region, TikTok‘s parent company ByteDance has reportedly been hit with slowing revenue growth over fiscal 2021.

Two people familiar with the matter told Reuters that the Chinese tech giant managed to push revenues to grow by 70% over the past year, bringing in $58 billion USD. Despite the figures, its performance pales in comparison to that of 2020, when ByteDance’s revenues grew by more than 100% with $34.3 billion USD coming in. Over the year, users spent roughly $2.3 billion USD on TikTok and its Chinese equivalent Douyin — also owned by ByteDance — marking a 77% increase year-over-year. The company is now valued at $300 billion USD.

The trend of slowing growth isn’t unique to ByteDance either. The same report indicates that Tencent and Alibaba have also seen decreasing rates of expansion, with the former experiencing its slowest quarter in Q3 of 2021 since it went public in 2004.

Elsewhere in business-related news, PUMA has rallied over the fourth quarter of 2021 thanks to strong global demand.

Read Full Article

What to Read Next

Apple Reports Record Revenue and Diem Might Scale Back in This Week’s Business and Crypto Roundup
Tech 

Apple Reports Record Revenue and Diem Might Scale Back in This Week’s Business and Crypto Roundup

While OpenSea reimbursed its users $1.8 million USD after an error.

Nike Reports Revenue Growth and Yuga Labs Hits $4 Billion USD Valuation in This Week’s Business and Crypto Roundup
Tech 

Nike Reports Revenue Growth and Yuga Labs Hits $4 Billion USD Valuation in This Week’s Business and Crypto Roundup

While Nothing teased its phone (1).

Instagram Will Explore NFTs and Nike Reports Slow Growth in This Week’s Business and Crypto Roundup
Tech NFT

Instagram Will Explore NFTs and Nike Reports Slow Growth in This Week’s Business and Crypto Roundup

While Radio Shack is exploring a crypto rebrand.


TikTok Owner ByteDance Revenues Surge 111% to $34.3 Billion USD in 2020
Tech 

TikTok Owner ByteDance Revenues Surge 111% to $34.3 Billion USD in 2020

Gross profits increased by 93%.

Netflix Holds 12 of the Top 15 Most Streamed Shows in the U.S. In 2021
Entertainment

Netflix Holds 12 of the Top 15 Most Streamed Shows in the U.S. In 2021

‘Lucifer’ ranked higher than ‘Squid Game.’

'League of Legends' and 'Arcane's Vi Joins Jinx in 'Fortnite'
Gaming

'League of Legends' and 'Arcane's Vi Joins Jinx in 'Fortnite'

Now available on the game’s Item Shop.

PUMA Q4 Profits Rally Amid Strong Global Demand
Fashion 

PUMA Q4 Profits Rally Amid Strong Global Demand

Fiscal year growth came in at 32%.

Wrist Check: Bernard Arnault Wears a Unique Tiffany Blue Patek Philippe 5740
Watches

Wrist Check: Bernard Arnault Wears a Unique Tiffany Blue Patek Philippe 5740

Bernard Arnault flexes like only one of the world’s richest men can.

Space X Wins $100M USD Contract To Develop Rocket Deliveries Anywhere on Earth
Tech

Space X Wins $100M USD Contract To Develop Rocket Deliveries Anywhere on Earth

The rapid delivery concept is thought to have military and humanitarian applications.


Sole Mates: Alan Galloway and the Reebok Club C
Footwear 

Sole Mates: Alan Galloway and the Reebok Club C

The tastemaker speaks on the influences for his various IG pages, Reebok’s recent success and more.

Microsoft Acquires Activision Blizzard and Twitter Blue Launches NFT Profile Pictures in This Week’s Business and Crypto Roundup
Tech 

Microsoft Acquires Activision Blizzard and Twitter Blue Launches NFT Profile Pictures in This Week’s Business and Crypto Roundup

While Robinhood is testing crypto wallets.

NYC Skater Lil Dre Emerges as a Key Player in Fashion and Music
Fashion

NYC Skater Lil Dre Emerges as a Key Player in Fashion and Music

The multi-hyphenate creative shares how skating changed his life in the latest HYPEBEAST Diaries.

Acura's 2022 Line-Up Debuts at Sundance Film Festival in Original Anime Series
Automotive

Acura's 2022 Line-Up Debuts at Sundance Film Festival in Original Anime Series

Chiaki’s Journey is available to stream now.

Yusuke Hanai Presents "People In The Place They Love"
NFT

Yusuke Hanai Presents "People In The Place They Love"

A new series of NFTs in conjunction with AllRightsReserved.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.