ByteDance’s revenue doubled to $37b in 2020: sources

The internet titan also recorded over US$7 billion in operating profit during the same period, increasing from the less than US$4 billion it had generated the year before, two of the sources said.

ByteDance operates the short-video platform TikTok and its Chinese version Douyin, content discovery platform Toutiao, video platform Xigua Video, enterprise collaboration platform Lark, and social media platform Helo, among others.

During the pandemic, with online education seeing significant growth in China, ByteDance launched its edtech brand Dali Education.

It also recently launched its e-wallet Douyin Zhifu and added it to its short-video app to compete with Alipay and WeChat Pay, which collectively take up over 90% of the digital payments market

Moving forward, the video-sharing platform will be seeking new sources to increase its revenue at home. The report also noted that the company is expecting an initial public offering this year.

See also: Bytedance’s 10,000-employee bet on the edtech bubble