ByteDance’s sales surged in 2023 to more than $110 billion, according to people familiar with the matter, potentially overtaking arch-foe Tencent Holdings in a sign TikTok’s fledgling e-commerce business is driving growth at a time of economic malaise, reports the South China Morning Post.
The world’s most valuable start-up’s growth broadly matched the 30% pace it managed in 2022, when it reported sales in excess of $80 billion, the people said, asking not to be identified as the information isn’t public. That’s despite economic turbulence in China and elevated scrutiny and restrictions in key markets from the US to India.
The owner of TikTok and Chinese-twin Douyin this year cemented its position as one of China’s internet leaders, alongside Tencent and Alibaba Group Holding, leveraging the popularity of its social video services to expand into e-commerce and other spheres. At roughly 30%, ByteDance would outpace the projected growth of far more established social media rivals Meta Platforms and Tencent, which is estimated to generate $86 billion in revenue this year.