TikTok Owner ByteDance Earned Around $5.6 Billion in Q1 2020: Report

Jun. 18, 2020

It’s no secret that TikTok is huge. For better or worse, the app has even sprouted a bunch of clones includingMitron, andZynn. However, TikTok is not slowing down. In fact, according to a new report, ByteDance’s revenue for the first quarter is around $5.6 billion. The number is quoted by two people familiar with the matter, and isn’t an official statement from the company. However, it’s a massive number, and represents a solid growth for the company.

It is noteworthy that TikTok isn’t the only revenue stream for ByteDance. In fact, it may not even be the biggest one.ByteDance’s main source of revenue is from advertisements on its apps. These include news aggregator Jinri Toutiao, and Douyin— the domestic version of TikTok.

ByteDance is enjoying huge growth in light of the Coronavirus pandemic that has forced people to stay inside. The company was recentlyreportedly valued at $95 billion to $140 billionfor private trading. It’s also focusing on monetising TikTok, and hashired ex-Disney streaming head, Kevin Mayer to oversee TikTok.