TikTok’s owner recorded a 60% increase in profits in 2023 and surpassed its rival

The creator of the social network is the Chinese company ByteDance tiktokIt achieved a record financial performance in 2023. BloombergThe popularity of the short video platform has grown rapidly, allowing the company to show very positive indicators last year.

By the end of 2023 ByteDance made 60% more profit than the previous year. Besides, earnings (excluding taxes and other depreciations such as internal expenses) Increased from 25 billion dollars to over 40 billion dollars.

The sales industry would generate a total revenue of US$120 billion with rapid growth. However, Bloomberg’s information is not yet official and ByteDance did not comment on the data published by the article.

Last year’s performance was enough for him Surpassed local rival Tencent in revenue and profit for the first time. The giant and traditional Chinese brand, which has services such as the WeChat application and has invested in many game developers around the world, has never fallen behind ByteDance in these indicators.

Apart from the financial issue, TikTok remains quite popular despite suffering a recent defeat. In 2023, rival Instagram surpassed the short video platform and became the most downloaded application in the world.

ByteDance’s 2024 shouldn’t be this quiet

Despite the good financial news, this year will be more turbulent than expected for the Chinese company. Pressure is mounting in the US for the company to sell TikTok to another North American brand or investors; otherwise, the social network will face the risk of being banned in the country.

A bill has already been approved by the Parliament, which will result in the banning of these and other apps originating from China in the United States. On the other hand, the issue has not been discussed in the Senate yet.

In terms of marketing, ByteDance is currently working on a new photo-sharing app to combat Instagram more directly, in addition to trying to reverse the ban in the US.

Moreover, at the beginning of the year, TikTok even lost the right to use songs by popular artists such as Taylor Swift and Billie Eilish. This is because End of contract with record label Universal Musicaccuses the platform of paying artists too little.