From November 2020 to the beginning of May this year, the daily advertising revenue of Bytedance's apps for overseas markets increased from nearly $4 million to $9 million.
Details: These revenues are mainly contributed by TikTok, the popular short video platform owned the Beijing-headquartered company, the Chinese tech news outlet LatePost reported.
Promoting advertising business and accelerating commercialization is now considered TikTok's main goal, especially in the North American and European markets.
Small and medium businesses are the main customers of TikTok, a social network with 689 million monthly active users.
Last quarter, the advertising revenue of TikTok's biggest rival Facebook reached $25.44 billion, exceeding $200 million per day.
Context: ByteDance overtook Baidu to become China’s second-largest digital ad player in the first half of 2019 with 23% ($7.6 billion) of the total digital ad spend in the country, according to consultancy R3, with Alibaba Group in the first place, raking in $10.9 billion or 33%.
The company’s overall revenue goal for 2020 is around $30 billion, Reuters previously reported.
Douyin, the Chinese version of TikTok, accounted for nearly 60% of ad revenue, followed by news aggregator Jinri Toutiao for 20% and long-form video platform Xigua for under 3%.