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ByteDance is raising $27 billion in ad revenue this year.

ByteDance, which owns the TikTok app, will generate about 180 billion yuan ($27.2 billion) in ad revenue by the end of this year, which will cement their second place in the Chinese digital advertising market. The company’s goal is to achieve total revenues of $ 30 billion in 2020, and according to the latest statistics on its performance, it appears that the company is going according to plan. While ByteDance is globally known due to its TikTok app, which is one of the few apps that are globally known, it contributes only a small part of the company’s total revenue. As 60% of its ad revenue relies on its Douyin platform, which is the Chinese version of TikTok, it is followed by Jinri Toutiao news network with 20% and long-form video platform Xigua with less than 3%.

ByteDance also acquired Baidu in the first half of 2019 to become the second largest digital advertising company in China, accounting for 23% of the country’s digital advertising market (equivalent to $7.6 billion), while Alibaba leads the way with a 33% share. (Equivalent to $10.9 billion) as the difference between the two companies narrowed this year. Although ByteDance has not disclosed its 2019 revenue, it is reported that its total revenue reached $16 billion.

The company also aims to invest about 10 billion yuan next year in its Xigua long video app, with the aim of increasing the number of daily active users to more than 100 million users. Douyin platform; Which is one of the most growing sectors in the company is expected to reach a total value of e-commerce estimated at 150 billion yuan. In the first half of this year, its rival Kuaishou recorded a total revenue of 25.3 billion yuan and a total e-commerce value of 109.6 billion yuan.

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