SAN FRANCISCO: TikTok parent-company ByteDance Ltd. generated more than US$17 billion in revenue and more than US$3 billion in net profit last year, figures that show the startup, already the most valuable in the world, is growing at a brisk rate, according to people familiar with the matter.
It draws some 1.5 billion monthly active users to a family of apps that includes the TikTok short-video platform, its Chinese twin Douyin and the news service Toutiao. Facebook unit Instagram brought in about US$20 billion in advertising revenue in 2019, Bloomberg previously reported. Google said its video unit YouTube recorded US$15.1 billion in ad sales last year.That success has come despite American lawmakers raising concerns about privacy and censorship. In a rare bipartisan effort in Washington, Republican Senator Tom Cotton and Senate Minority Leader Chuck Schumer last year urged an investigation into TikTok, labelling it a national security threat.
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