The Wall Street Journal has got its hands on the latest financial results for TikTok’s parent company ByteDance.
They show that the company’s revenues grew by nearly 80% in 2021 to $61.7bn, but also that its operating losses more than tripled that year to over $7bn, while its net losses grew by 87% to $84.9bn.
There are also some figures for the first three months of 2022 showing nearly $18.3bn of revenue and a net loss of $4.7bn –down 84% from the $29.1bn in the first quarter of 2021.
Even so, it’s an eye-popping insight into the costs of growing TikTok globally as rapidly as it has done over the past couple of years –although of course, ByteDance has other businesses and investments too, notably in gaming.
The report showed its global headcount as more than 130,000 people at the end of 2021, although it also cites recent claims that ByteDance is mulling potential cost-cutting to ensure it does not become too bloated as an organisation.
Tools: platforms to help you reach new audiences
Tools :: Kazm
It’s 2024 and one thing that will be on many artist’s teams’ minds will be…
Music Ally's Head of InsightMore by Stuart Dredge
