ByteDance, owner of TikTok, which deals with the USA’s bans, started investments in the financial sector in China and Asia.
ByteDance, the owner of TikTok, is dealing with the US ban on the one hand, and continues its new investments on the other. According to the news in Reuters, ByteDance, which was negotiating to sell the US, Canada, New Zealand and Australia section of TikTok, turned to the financial sector in its country China. The company announced that it has acquired UIPay, which offers online and mobile payment services. The acquisition came after another firm, Tianjin Tongrong, owned by Zhang Yiming, ByteDance CEO, acquired UIPay’s umbrella company Wuhan Hezhong Yibao Technology.
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On the subject, ByteDance stated, “This acquisition will complement the current major payment options and improve the experience of our users on our multiple platforms in China.”
Founded in 2012, UIPay obtained a ‘third party payment license’ in 2014 from the Bank of China. Although there were allegations that ByteDance bought UIPay in 2018, ByteDance denied this and announced that they were only doing joint business.
ByteDance is trying to develop a payment system not only in China, but also globally. According to the ads on LinkedIN, the company is recruiting globally, especially in Singapore, to form a team that will create a platform that provides cross-border payment solutions.
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In addition, according to the information obtained from two sources close to the company, ByteDance applied to obtain a digital banking license in Singapore. These are not the first steps the company has taken in the financial sector. While ByteDance obtained a micro-loan license in China in July, it started its work on online stock brokerage and asset management in Hong Kong.
Tiktok Ad Revenues Rise To The Peaks
ByteDance, owner of TikTok, announced its revenue in 2019. The company stated that it reached a total revenue of $ 17 billion in 2019.
ByteDance, the owner of TikTok, which has become one of the most used social media platforms with its rise in recent years, announced its revenue in 2019. The company generated a total revenue of $ 17 billion last year. Even the first 6 months of 2019 revenue announced by ByteDance is more than all revenue in 2018. The company made $ 7.4 billion in 2018.
Tiktok peaked in advertising revenues towards the end of 2020. Especially in 2020, it is expected to earn 30 billion dollars in advertising revenues. The Tiktok app has managed to become one of the most popular short video apps in the world.
Where does Bytedance make money?
ByteDance, the owner of TikTok, derives most of its revenue from advertising and in-app purchases. With the effect of the increase in the number of users, these ads reach more people. Founded in 2012, the company grew stronger by collecting money from funds such as Softbank and KKR. If the company continues to progress in this way, it seems that it will challenge the social media giant Facebook and Twitter platforms in the coming period.