ByteDance sales surpass Tencent’s to reach US$110 billion as TikTok owner pushes into e-commerce

In 2023, ByteDance's sales skyrocketed to over US$110 billion, potentially surpassing its main competitor, Tencent Holdings. This significant increase in sales indicates that TikTok's nascent e-commerce venture is driving the company's growth amidst economic downturns.

ByteDance, the world's most valuable start-up, maintained a growth rate of approximately 30 per cent, similar to its performance in 2022 when it reported sales exceeding US$80 billion. This growth occurred despite economic instability in China and increased scrutiny and restrictions in key markets such as the US and India. ByteDance, the parent company of TikTok and its Chinese counterpart Douyin, solidified its position as a leading internet company in China this year. It leveraged the popularity of its social video services to venture into e-commerce and other sectors.

The exact profitability of ByteDance this year remains unclear. As a private company, ByteDance is not subject to the same disclosure and audit requirements as its publicly listed competitors. However, the sheer scale of its operations suggests that it became one of China's largest corporations by revenue in 2023. In 2022, its earnings before interest, tax, depreciation and amortisation (EBITDA) surged 79 per cent to approximately US$25 billion.