ByteDance, the richly-valued Chinese tech startup behind video-sharing app TikTok, reportedly expects revenue to more than double in 2019 from the year prior, a dramatic increase that tracks with the rapid growth of TikTok around the world.
Reuters reports that ByteDance’s internal revenue target for 2019 has been raised from 100 billion to 120 billion Chinese yuan, or roughly $16.8 billion at current exchange rates. Reuters notes that the company’s revenue for the first half of 2019 was between $7 billion and $8.4 billion. To put those numbers into perspective, The Information previously reported that ByteDance generated $7.2 billion in revenue for all of 2018.
Most of ByteDance’s revenue comes from its collection of apps in China and not TikTok, which has quickly become part of the cultural zeitgeist but has yet to build a meaningful ads business. ByteDance has spent heavily marketing TikTok outside of China and will need to recoup the investment. ByteDance was last valued at $75 billion in its most recent fundraising last year, making it the world’s most valuable privately-held startup.