ByteDance: Revenue doubled to 240 billion in 20 years, rumored to be IPO this year

On January 27, 2021, people familiar with the matter said that ByteDance's revenue in 2020 more than doubled, mainly driven by strong advertising sales, with revenue reaching about US$37 billion, or about RMB 240 billion. At the same time, ByteDance also achieved an operating profit of more than US$7 billion last year, compared with less than US$4 billion in 2019.

Previous reports show that in 2020, ByteDance's advertising revenue will reach 175 billion yuan, e-commerce revenue will reach about 6 billion yuan, live streaming revenue will reach 45-50 billion yuan, the game section will create 4-5 billion yuan in revenue, and the education track will create 2-3 billion yuan in revenue. ByteDance's revenue for the whole year of 2020 may reach 239 billion yuan, close to 240 billion yuan. Advertising, e-commerce and live streaming have become the three driving forces for growth.

The report also said that ByteDance told company investors that an IPO might be possible this year.

The previous annual revenue target was 220 billion yuan.

ByteDance's revenue has grown rapidly, with revenues of 6 billion yuan, 16 billion yuan, and 50 billion yuan in 2016-2018 respectively. According to a previous report by LatePost, ByteDance's revenue doubled in 2019, reaching 130-140 billion yuan. In comparison, Baidu's revenue in 2019 was 107.4 billion yuan.

At the beginning of the year, ByteDance set a revenue growth rate of 30%-40% for 20 years, which is higher than 180 billion yuan.

Afterwards, it was reported that ByteDance's commercialization-related business adjustments included the launch of search ads on Toutiao and Douyin; increasing self-operation in e-commerce and building a closed loop internally; and exploring new businesses such as high school AI courses and small classes in the education business, which correspond to ByteDance's three most important revenue channels: advertising, live streaming e-commerce, and new businesses such as education.

At the same time, ByteDance’s full-year revenue target was raised to 220 billion yuan, of which the e-commerce target GMV was 250 billion yuan.

via Futu NiuNiu