The only veteran on this year’s top 10, Bytedance rose back up to its previously held #3 ranking , up from #5 last year.
Bytedance is the parent company of viral video app, TikTok, which started to take off a few years ago and has since gained significant momentum across the globe, particularly with younger generations. Bytedance has most recently been valued at over $250 billion, according to sources, a surge compared to previous rumored valuations and one that has made investors and markets question whether the company might pursue an initial public offering.
Bytedance notably faced pressure from the Trump administration to sell TikTok’s American operations due to national security concerns. However, in February of this year, it was reported that the Biden administration would review the deal and alleged threats to national security and reassess matters. This reconsideration showed some promise for the company’s future in the U.S., which is the leading market by in-app revenue for TikTok and, consequently, Bytedance.
Political drama aside, Bytedance had another strong year – outlets reported in November 2020 that the company was on track to generate at least $27.2 billion in advertising revenue in China for full year 2020, solidifying its number two spot in that market and remaining in line with its revenue goal of $30 billion.