<Editor's Pick>“Crazy rich” Chinese tech company: how did ByteDance achieve daily revenue of ¥300 million

Jun 17, 2020 Tencent Alibaba Group

"If ByteDance now goes to raise a round of new shares, the valuation is at least $150 billion,” an early investor of ByteDance revealed to PEdaily. But doubts are pouring in: how did ByteDance achieve such huge revenue? The secret of ByteDance's revenue is starting to surface.

On May 27, Reuters and Bloomberg reported that according to an informed source, ByteDance achieved $17 billion in revenue last year which is more than twice as high in 2018. In response, PEdaily asked ByteDance for confirmation, and they replied that the company would not respond to such market rumors.

However, it's not just a rumor. A few days ago, SensorTower data showed that ByteDance's TikTok has already acquired more than $78 million in the Apple App Store and Google Play Store worldwide in April 2020, surpassing YouTube's $76 million for the first time.

It should be noted that this is the first time in history that a Chinese Internet company has achieved such success overseas.