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Owner of TikTok made $7 billion in the first half of the year

The Chinese company ByteDance, that is the owner of the famous video-sharing app TikTok and one of the world's most valuable company has generated total revenue of about 50-60 billion yuan ($7 billion to $8.4 billion) in the result for the first half of the year, as told to the press.

ByteDance had been making a loss in the first half had made a profit in the month of June 2019 and showed confidence that it will make a profit in the next half of the year, as per an anonymous report as the company has yet not made an official public announcement. 

Due to the Robust growth, this startup based in the city of Beijing, China had to revise the revenue targets for the year 2019 to 120 billion yuan from its previous goal set in the previous year of 100 billion yuan, another report said.

The figures of the earnings were not immediately available for the last year. But according to a news report, ByteDance's revenue for the whole year of 2018 was a whopping $7.2 billion. Although ByteDance had refused to comment.

As per many different news sources that have said that the seven-year-old startup was valued at $78 billion late last year, also owns Chinese news aggregator Jinri Toutiao, that means "Today's Headlines," along with a domestic version of TikTok in China, known by the name of Douyin.

The majority revenue of the company is generated in China only, as per another report, that said while the domestic version of Tiktok, Douyin generates the advertising fees, TikTok is still in its starting stages of generating revenue.

The financial Analysts have said that the company, ByteDance presents a strong threat to the other Chinese tech industry companies that includes the social media and gaming giant Tencent and search engine major firm Baidu. ByteDance's apps have approximately 1.5 billion monthly active users and 700 million daily active users all over the world, as said by the company in the month of July 2019.

In the month of September 2019, the ByteDance launched a search engine that sits within Toutiao and hence putting this new search engine in direct competition with the search engine leader Baidu. The company has also acquired a Chinese-language website just like Wikipedia known as so as to give a further boost to the content.

The ByteDance aims to expand its operations outside of the Chinese markets. ByteDance has recently launched a work efficiency app called Lark and is currently planning to launch a paid app for streaming music.

The company is aggressively entering into new areas and has successfully helped to lift the global headcount to about 50,000 right now as compared with 40,000 in the year 2018.

The famous app, TikTok has been emerging as an important tool of marketing and you can find several brands that are using it extensively. The e-commerce major online shopping brand Flipkart has had recorded more than three billion views in just three days on the popular video-sharing app TikTok for an ad campaign for its upcoming Big Billion Days Festive Season Sale. This is one of the first instances where an e-commerce major brand is using the ByteDance-owned app to give a push to their campaign with TikTok as it has a huge user base.

Bloomberg's Billionaires Index has ranked the ByteDance founder Zhang Yiming at number 103 in the world’s 500 richest people with a total worth of $13 billion.

Bytedance has various assets across different social networking and news currently spread across Mainland China and India. The company has announced its plan to open its own data center in India as per a recent report.

Also read:- Ola Cabs announces a big jump into self-drive car rental business in India

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