Despite Privacy and Censorship Concerns, Chinese-Backed TikTok Owner Doubles Revenue To $34 Billion, With 1.9 Billion Users

ByteDance, the China-based owner of TikTok, reportedly witnessed its revenues for 2020 more than double compared to the previous year.

“Revenue for last year totaled $34.3 billion, up 111% year-on-year, senior management at the company told employees in a company-wide meeting,” reported CNBC. “Gross profit rose 93% to $19 billion, the person who attended the meeting said.”