ByteDance’s revenue jumped 29% to US$155 billion in 2024, thanks largely to TikTok’s explosive global growth, which helped offset a slowdown in its core Chinese market.
TikTok, which mirrors the advertising and e-commerce models of its Chinese counterpart Douyin, has taken on a bigger role in driving revenue. The company’s international business soared 63% to US$39 billion, now making up about a quarter of total revenue, according to sources familiar with the figures. ByteDance also saw its net profit rise slightly to around US$33 billion.
TikTok’s rapid ascent comes under the spotlight as the platform faces mounting pressure in the US, where regulators have ordered it to either find a new owner or exit the market. The Trump administration granted a second 75-day extension to work out a divestiture deal.
While TikTok surged overseas, ByteDance’s overall growth slowed compared to 2023, when it leapt from US$80 billion to nearly US$120 billion. In China, Douyin continues to face headwinds amid broader economic tightening.
ByteDance has not publicly commented on its 2024 financials, which were first reported by The Information.
Looking ahead to 2025, one of ByteDance’s biggest hurdles will be resolving TikTok’s US ownership dilemma in a way that satisfies both Washington and Beijing. Amazon has reportedly joined the list of potential buyers, alongside AppLovin, adding to the mix of bidders vying for control of the popular app.
Complicating matters further is the intensifying US-China trade conflict. Washington sees TikTok as leverage in trade negotiations, while new tariffs on Chinese goods could hurt TikTok’s growing e-commerce business, which relies on cross-border sellers.
