ByteDance targets a 42% increase in ad revenues; expects 3x growth in e-commerce this 2021

Internet giant ByteDance prepares for a major initial public offering.


Faith Baltazar

19 Apr, 2021

ByteDance targets a 42% increase in ad revenues; expects 3x growth in e-commerce this 2021 | BEAMSTART News

According to the report, a leaked memo shows that TikTok owner ByteDance is preparing for an initial public offering (IPO) that would increase the company's advertising sales to 42%.

Prior to last year, ByteDance has acquired a total ad revenue of $28 billion in its Chinese businesses.

This year, ByteDance is planning to grow its sales to $39 billion, thus tripling the growth of its e-commerce space. 

The firm also expects to raise its e-commerce gross merchandise value (GMV) from $26 billion to $92 billion.

Zhang Yiming, co-founder and CEO of ByteDance

According to the memo, ByteDance is increasing its rivalry with Alibaba, through total advertising revenues coming from brands and entrepreneurs.

Moreover, e-commerce is expected to surpass gaming as the leading source of ad revenue for the company this year.

This IPO listing with a valuation of roughly $400 billion is set to take place in Hong Kong.

Based on the Bloomberg report, the figures shown in the memo are still tentative and are subject to change.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Product Intern

Flagright

Berlin, Germany, United States

Internship

USD 1620 yearly

Founding Engineer

Anakin

New York, United States

Full Time

Salary Undisclosed

Fullstack JS Engineer

Zorba

Tel Aviv-Yafo, Israel, United States

Full Time

Salary Undisclosed

Senior Full Stack Engineer

Genei

London, United Kingdom, United States

Full Time

USD 80 — USD 100 yearly

Account Executive (Sales Head)

Scispot

Kitchener, Canada, United States

Full Time

Salary Undisclosed

Software Engineer (TypeScript / Node.js)

Paragon

Los Angeles, CA, United States

Full Time

USD 160000 yearly

Product Manager, Identity

Middesk

San Francisco, United States

Full Time

Salary Undisclosed

Founding Engineer

Windmill

Paris, France, United States

Full Time

USD 70000 — USD 110000 yearly

Frontend Engineer

Cofactr

New York, United States

Full Time

USD 140000 — USD 165000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).