ByteDance-‘The owner of TikTok’ sales growth slows down yearly – 70% in 2021

Beijing, Jan 20- China’s strict rules and regulations on big tech companies resulted in slower growth of revenue by 70%, year on year to around $58 billion in the recent year 2021 as compared to the previous year. These figures have been disclosed to a fewer number of people during an internal meeting of ByteDance.

According to reports, Beijing-based company ByteDance’s total revenue growth was over 100% to $34.4 billion, back in 2020. Though ByteDance has not responded yet with any comments.

The new governing rules and regulations of the country are the biggest cause of the slowing growth of Chinese tech companies from Tencent to Alibaba group. Since 2004, Tencent has reported its slowest revenue growth in the third quarter.

Under China’s leading online advertising market, the top 3 positions are- e-commerce giant Alibaba at the first position, ByteDance at second position with a market share of 21% published by researcher Interactive Marketing Lab Zhongguancun, and the third position by Tencent group, the gaming giant.

Sources say that overall the growth of online ad sales in China slows down from 13.8% in 2020 to 9.3% in 2021.

ByteDance the tech giant trades in the private equity secondary market valuing it at about $300 billion, according to reports. Amid the regulatory crackdown, ByteDance would cut down its investment team. The employees of the financial investment team have been told by ByteDance to look for other opportunities, internal or outside.

There is a major reshuffle in ByteDance to create 6 Business Units(BUs)and the biggest change since founder Zhang said he will step down as CEO, as reported.

Besides TikTok, ByteDance’s other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao most popular content discovery platform, and video-streaming platform Xigua, Helo, and Resso.