Bytedance’s sales in 2023 reached US$110 billion (785 billion yuan), surpassing Tencent and approaching Meta, according to reports on Wednesday.
Bytedance was already expected to overtake Tencent this year. Second-quarter revenue grew by over 40 percent, reaching US$29 billion, first-half revenue was about US$54 billion.
Tencent’s financial report shows that its revenue for the first half of this year was approximately 300 billion yuan, with a year-on-year growth of 11 percent. Tencent maintains growth in areas such as gaming, advertising, financial technology, and enterprise services.
Bytedance’s main revenue comes from domestic advertising and e-commerce, but TikTok in the overseas market has become a revenue driver with high growth expectations.
While Tencent has maintained stable development in the domestic market, Bytedance has entered a larger battlefield, competing with global superpowers like Meta. Despite political challenges, TikTok remains the top-grossing Chinese app in overseas markets, and revenue continues to rise. Passing Meta is only a matter of time.
