ByteDance, the company that owns TikTok, saw its total revenue climb by 70% year-on-year to about $58 billion in 2021, according to Reuters

It was more remarkable growth than expected by tech news website The Information, which said that its sales were on track to rise about 60% to $63.07 billion last November.

Although impressive, it was slower growth than a year earlier as China tightens its regulations on big digital businesses. Nevertheless, the Beijing-based company’s overall sales increased by more than 100% to $34.3 billion in 2020.

Thanks to the live-streaming platform TikTok, ByteDance has become one of the world’s largest private tech businesses, with recent private-equity secondary market trades valuing it at $300 billion. 

Because of Beijing’s antitrust crackdown, ByteDance has recently reduced the size of its powerful investment arm and disbanded a sub-group focused on financial returns.

ByteDance also reorganized itself into six business areas in November 2021. This has been the most significant organizational move for ByteDance since founder Zhang Yiming announced stepping down as CEO in May.

According to a recent survey published by researcher Interactive Marketing Lab Zhongguancun, 2021 marked another year for ByteDance as runner-up in China’s online advertising market, possessing 21% of the overall market share. E-commerce giant Alibaba Group retained its number one position, and third place went to gaming giant Tencent Holdings.

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