ByteDance made $34.3 billion in 2020
ByteDance made $34.3 billion in 2020 and that is a huge number. Total revenue surged 111% at TikTok’s parent company last year, while gross profits jumped 93% to $19 billion, the Wall Street Journal reported.
ByteDance Ltd., the owner of popular short-video app TikTok, told employees that its revenue last year more than doubled to $34.3 billion, underscoring why the Chinese technology giant is one of the world’s hottest startups.
The privately held company on Thursday shared highlights of its 2020 financial performance with its employees. ByteDance said its total revenue grew 111% from a year ago, while gross profit rose 93% to $19 billion, according to excerpts of a company memo viewed by The Wall Street Journal.
Life is ordered into three major stages, and each has its peculiarities;
Firstly your teenage period, in which you have time, energy but no money,
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Then Secondly, your early adulthood, in which you have the money, energy and no time (where you fall in which explain your love for calendaly, and back their valuation),
And lastly, when you're far much older, you have time, money and no energy.
So, I applaud Ticktok for understanding and utilizing this demography well, hence creating an addictive time sink for Gen Z
However, human become bored easily so to keep the balance sheet in the green light they need to do more than redefining the whole essence of fame as they currently do and start making passive users glued.
So, to other business brands, like Calendaly, they should look into servicing their age range better- like offering freelancing jobs to people who have more time, from people who don't have it.
And to the elderly demography, which have shown to be bored, and some with youthful guilt, its imperative someone build a product that helps them hence raking in Benjamin’s. This should be more than Candy Crush like games.
Good evening sir.